By Ian Walker

Sberbank Rossia (SBER.MZ) said Tuesday that it has signed a nonbinding agreement with Gazprombank (GZPR.RS) to buy a minority shareholding in MF Technologies, the controlling shareholder in Mail.ru Group Ltd. (MAIL.LN).

The Russian bank didn't say exactly how many shares it was buying or give any indication of price. Mail.ru GDRs closed in London at $20.78 Monday, implying a market capitalization of $4.6 billion.

MF Technologies is a joint venture formed last year by Gazprombank, MegaFon (MFON.MZ), Rostec and USM Holdings.

Sberbank said it shares and supports the strategy pursued by Mail.ru, which focuses on "technology leadership, a wider range of high-quality services meeting clients' everyday needs and greater customer experience."

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

October 29, 2019 08:31 ET (12:31 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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