April 02, 2014 18:11
VTB returns half of amount paid in 2012 for stake in Burger King JV
MOSCOW. April 2 (Interfax) - Russian bank VTB (MOEX: VTBR) has retuned half of the amount paid in 2012 for stake in a JV formed with fast-food chain Burger King Corporation and its largest Russian franchise, Burger Rus.
VTB said in a report that the group sold 12.2% of Burger King Russia (Cyprus) in January 2014 for $25 million, or 900 million rubles. VTB did not say who purchased the stake, noting only that it was a financial investor.
"As a result, the stake of Golden Star Investment Ltd. in Burger King Russia (Cyprus) Ltd. decreased to 36.6%," the report says.
In 2012, VTB Capital paid $50 million for 47.22% of the JV with Burger King. Co-owners of the chain Shokoladnitsa, headed by Alexander Kolobov, received a minority shares package.
VTB Capital Global Head of Private Equity and Special Situations Tim Demchenko has said that VTB Capital will invest up to $100 million in the project over the course of three years as the business plan was carried out.
Burger King Russia will receive an exclusive franchise in Russia for 20 years.
In 2013, Burger King opened 88 fast-food restaurants in Russia. After three years, this number grew to 178 restaurants from 39 in 2011.
Burger King is the world's second largest fast-food burger chain by number of restaurants. The company works in over 80 countries, and as of end-2013 there were 13,667 Burger King restaurants, of which 13,615 were controlled by independent franchisees.
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