Sberbank to buy 36% in Mail.ru Group’s co-owner for 11.3 bln rbl

MOSCOW, Nov 19 (PRIME) -- Russia’s top bank Sberbank has signed legally binding documents to buy 35% in MF Teckhnologii (MF Technologies or MFT), a co-owner of Internet company Mail.ru Group, from Gazprombank and 1% in the company from state industrial corporation Rostec for a total of 11.3 billion rubles, Mail.ru said in a statement on Tuesday.

“We have also been notified that Sberbank has now signed a binding agreement to acquire a 35% stake in MF Tekhnologii from Gazprombank and 1% from Rostec, with an 11.3 billion ruble deal value. Deal is expected to close before year-end. No changes in management, governance or strategy of Mail.ru Group are expected as a result of the given transaction,” the company said.

Sberbank said in a statement that it planned to close the deal until the end of 2019.

MFT owns 58.87% voting shares in Mail.ru Group.

Sberbank signed a non-binding deal with Gazprombank in October. Gazprombank owned a 35% stake in MFT, while Rostec owned 11%. Other participants of the joint venture include mobile operator MegaFon and USM Holdings of tycoon Alisher Usmanov.

(63.7542 rubles – U.S. $1)

End