The U.S. multinational said it intends to buy the remaining 20% over time.
"We have always said we would enter the chocolate segment of the total confectionery business if the right opportunity to create value for the Wrigley Company became available - and this acquisition presents such an opportunity," said Bill Wrigley, Jr., Executive Chairman of the Company and Chairman of the Board.
Wrigley said it intends to finance the $300mln deal with the company's available cash and a modest component of debt, adding that the deal is subject to regulatory approval.
Ilona Tarasova, the press secretary of A. Korkunov, confirmed the deal to RIA Novosti, but said the company's management would remain unchanged following the takeover.
"I want to note that this agreement will not in any way affect the composition of the A. Korkunov management. Andrei Korkunov will remain the chairman of the company's board of directors and its management will be the same," the press secretary said.
Founded in 1999, A. Korkunov has become the seventh largest player in the Russian chocolate market, which has an estimated value of $3.7 billion. It is also the No. 2 player in the premium-boxed chocolate segment, and its A. Korkunov brand is the top seller in the segment, Wrigley said in a news release.
