April 23, 2019 / 8:02 PM / in a year

Russia's Sberbank invests in media group Rambler

FILE PHOTO: Logos of Sberbank are seen on automated teller machines in Moscow, Russia, June 10, 2016. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russia’s Sberbank has signed a deal to take a 46.5 percent stake in media company Rambler Group, the lender said on Tuesday without disclosing the cost of the holding.

The deal gives Russia’s biggest lender an equal stake to investment holding company A&NN, with Era Capital owning the other 7 percent.

Sberbank said the deal meant it would include Rambler’s digital products and services on its platforms.

The bank added that the group’s current shareholders would not receive any proceeds from the deal, which is expected to close in the third quarter of 2019.

Rambler Group is a smaller rival to Russia’s most popular search engine Yandex, in which Sberbank holds a so-called golden share that gives it special veto power.

The group also owns a media-services portal and a news aggregator of the same name.

Reporting by Gabrielle Tétrault-Farber; Editing by David Goodman

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