Sberbank trying to buy a stake in a Mail.ru

RUSSIA / FSU POLITICS - In Brief 31 Oct 2019 by Alex Teddy
On October 29 Sberbank announced that it is trying to buy 20% of Mail.ru Group. If this goes through then Sberbank would be the second largest voting shareholder in the tech company. The largest in Megadon which is owned by the Uzbek-Russian billionaire Alisher Usmanov. Gazprombank owns a 35% stake in MF Technologies which owns voting shares in Mail.ru. Sberbank is keen to purchase the said shares. The price is thought to be USD 170 million. Gazprombank bought them for USD 157.5 million in 2018. It is surprising that the asking price is not higher. Sberbank and Mail.ru have been collaborating in the past few months in a taxi company and a food delivery company. The government is eager to limit foreign ownership of tech companies so welcomes such co-operation.

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