Sberbank Sells Russia’s VK Group Stake Back to Gazprombank

(Bloomberg) --

Sberbank PJSC agreed to sell its stake in VK Group, one of Russia’s biggest technology companies, to Gazprombank for 12.8 billion rubles ($176 million).

Russia’s largest lender will offload 36% of MF Technologies, which controls 57.3% voting shares of VK Group, previously known as Mail.ru, according to a statement late Friday. Sberbank is selling the holding in MF Technologies two years after buying it from Gazprombank and Rostec State Corp. for 11.3 billion rubles. 

The deal will allow the Gazprom Group “to obtain significant synergy associated with the ability to combine digital and traditional services and products,” Gazprombank said in a separate statement Friday. “There is great potential for cooperation in media, communications and marketing with Gazprom Media Holding, as well as the development of digital financial services of Gazprombank.”

Sberbank’s previous attempts to partner with technology companies have collapsed even as it seeks to pivot from being Russia’s largest bank to a company whose profits are driven by other services. Last year, a tie-up with Yandex NV ended, while negotiations with Ozon Holding Plc and Alibaba Group Holding Ltd. didn’t result in deals.

Sberbank and VK Group also have a joint venture called O2O Holding, which food delivery firm Delivery Club and taxi service CitiMobile. The latest deal with Gazprombank doesn’t impact this venture, VK Group’s press service said by email. Sberbank’s press service didn’t immediately comment.

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