Sberbank Russia (PK) (USOTC:SBRCY)
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1 Year : From Feb 2019 to Feb 2020
By Adam Clark
Sberbank Rossia (SBER.MZ) has agreed to take a 46.5% stake in media company Rambler Group for an undisclosed price.
Russia's largest lender said late Tuesday the deal will boost its digital presence and client loyalty. Rambler operates a search engine and online portal among other digital assets and claims a monthly audience of 56 million unique visitors.
Existing Rambler shareholders A&NN Ltd. and Era Capital will retain stakes of 46.5% and 7% respectively. The deal is expected to close in the third quarter.
"We are pleased to enrich Sberbank's ecosystem with a unique combination of movies, content, news and other services. I am certain that our partnership will set a new standard for the Russian media market in terms of quality of content, formats for its consumption and technology that is used," Chief Executive Herman Gref said.
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(END) Dow Jones Newswires
April 24, 2019 01:17 ET (05:17 GMT)
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