Sberbank to acquire a 75% stake in 2GIS for $154m.

Sberbank, a state-owned Russian banking and financial services company, agreed to acquire a 75% stake in 2GIS, a Russian local search company that develops digital maps and guides of cities, for $154m. Investment funds Baring Vostok and RTP Global will sell their entire stake in 2GIS. "2GIS is one of the leaders in the geoinformation market, one of the largest companies on the Russian internet, a strong brand with a developed technological base and high audience loyalty. 2GIS services are familiar to millions of Russians, both individuals and businesses, not only domestically, but also abroad. I am sure that the synergy with 2GIS will open up new opportunities for improving the quality of life of our customers and developing the Sberbank ecosystem. We plan to create several potentially breakthrough services that can be built using this platform, by combining the competencies and technologies of the bank and 2GIS. Cooperation with the company and our work on synergies start now, without waiting for the deal to close. Also, we are very pleased that such a highly professional and motivated team will become part of our group," Herman Gref, Sberbank CEO and Chairman of the Executive Board.