Chernogolovka is one of the major beneficiaries of the corporate exodus from Russia in the past year, snapping up Kellogg Co's local operations and eyeing a huge increase in its share of the soft drinks market as Coca-Cola and Pepsi 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)