VTB Capital, the investment arm of Russia’s second largest lender VTB, has paid 1.5 billion rubles ($46.57 million) for a 47.22 percent stake in a joint venture with U.S. Burger King Corporation, the second world’s largest fast-food chain, VTB said on Thursday.
VTB Capital said in June that Burger King planned to open several hundred restaurants in Russia in the next few years.
Burger King, the main competitor of the world’s largest fast-food chain McDonald’s, entered the Russian market in early 2010. The company now has 57 restaurants in Russia.
Burger King’s international chain includes nearly 12,000 restaurants in 75 countries, earning an average annual revenue of $1.5 billion.