Poland’s Pizza Hut Swallowed The Russian One

Bbj:

The operator of KFC and Pizza Hut restaurants in Poland, AmRest Holdings has announced the takeover of Pizza Hut franchisee in Russia – Pizza Nord. The deal budget has reached $48 million.

Until recently, foreign operators haven’t manifested great interest in Russia’s fast food, the analysts say, mentioning Rostiks-KFC venture as exception.
AmRest Holdings announced it became the majority holder in Pizza Nord via a deal worth $48 million to be paid by money and stocks of AmRest.
AmRest will also clear the debts of Pizza Nord in the amount of $21.5 million. Pizza Nord General Director Vladislav Ivanov confirmed the merger but declined to disclose the share in the consolidated company.
Legally, the consolidation will finalize in July, Ivanov said. The target of the united company is to double the number of restaurants in Russia in the following three years.