Keski-Suomen Osuuskauppa, or the S Group, is selling the company responsible for its Sokos hotel business in St. Petersburg. The S Group owned three Sokos hotels in the Russian city.
The company is bought by two Russian investors and an IT entrepreneur, Aleksandr Jermakov and Yuri Shumakov. The purchase price and other terms of the transaction have not been disclosed.
The S Group announced in March that it would withdraw from the Russian market and sell St. Petersburg’s Prisms earlier this month.
In addition to the three Sokos hotels, the S Group owns one hotel property in St. Petersburg, which is not part of the store and is sold at a different point.
As a result of the transaction, Sokos Hotels’ operations in St. Petersburg will be transferred to the buyer as of June 30. As of today, the buyer is not entitled to use the S Group’s trademarks in its operations.
Finnish companies have fled the Russian market due to Russia’s invasion of Ukraine. Valio, Fazer and Nokia are companies that have withdrawn from Russia. Like the Finnish coffee giant Paulig, although it was revealed earlier this week that a similar brand will appear on Russian shelves this autumn.
Source: The Nordic Page