March 31 (Reuters) – U.S. food giant Kraft Heinz (KHC.O) has agreed to sell its baby food business in Russia to local drinks and snacks maker Chernogolovka, a representative from the Russian company told Reuters on Friday.

Chernogolovka is one of the major beneficiaries of the corporate exodus from Russia in the past year, snapping up Kellogg Co’s (K.N) local operations and eyeing a huge increase in its share of the soft drinks market as Coca-Cola (KO.N) and Pepsi (PEP.O) cut ties.

According to Chernogolovka, the deal will include two factories and the “Umnitsa” and “Sami s usami” brands.

Kraft Heinz estimates the deal’s value at between 2.5 and 3 billion roubles ($32.4-$38.9 million) but the government is yet to approve the valuation, the Kommersant newspaper reported on Thursday, citing sources.

A representative from Kraft Heinz was not immediately available to comment.

The deal is subject to regulatory approval, Chernogolovka said.

($1 = 77.1000 roubles)

Reporting by Olga Popova; writing by Caleb Davis; editing by Alexander Marrow and Jason Neely

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