CEO: VTB buys 29.1% in Magnit for about 138 bln rbl

SOCHI, Feb 16 (PRIME) -- VTB Bank has acquired a 29.1% stake in Russian retailer Magnit for about 138 billion rubles, the bank’s CEO Andrei Kostin said on Friday.

“We have just signed an agreement to buy a 29.1% stake in retailer Magnit. This way, VTB Group has become the largest shareholder of Magnit company. The value of the deal is about 138 billion rubles,” Kostin said.

Approval by the Federal Antimonopoly Service is required to close the deal, he added.

(56.5918 rubles – U.S. $1)

End