Japan's Dentsu Group sells Russian assets to local partners

TOKYO, Nov 15 (PRIME) -- Japan's advertisement company Dentsu Group has reached an agreement to sell its Russian assets to the local partners, the company said in a statement on Tuesday.

"In August, a broad agreement was reached to sell the equity to our local partners who will operate independently going forward. As a result of negotiations, today a resolution was passed to conclude the formal sale agreement, in full compliance with international sanctions, which was subsequently signed," the company said.

The deal, signed on Monday, is to be approved by Russian authorities.

The company estimated its loss in case of the deal approval and sale completion until March 31, 2023 at about U.S. $263.54 million.

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