© Reuters. The sign at a Pizza Hut location, which is owned by Yum Brands Inc, is pictured ahead of their company results in Pasadena, California U.S., July 11, 2016. REUTERS/Mario Anzuoni
(Reuters) – Pizza Hut’s Russian franchise has been bought by Noi-M for 300 million roubles ($4.92 million), Russian business daily Kommersant reported on Tuesday.
Noi-M is linked to Russian restaurant group Rosinter, which operates the Russian franchises of Costa Coffee and T.G.I. Friday’s.
Pizza Hut’s 50 Russian stores are to be rebranded, though the new owners have not yet decided on a name.
Franchiser Amrest sold the brand’s Russia business after Pizza Hut owner Yum! Brands (NYSE:) announced in March that it was pausing operations in Russia and transferring restaurants to local operators after Russia deployed troops to Ukraine.
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