Sber, a Russian bank, VEB.RF, a national economic development institution, and Russian Direct Investment Fund, a sovereign wealth fund, agreed to acquire a 75% stake in Prosveshcheniye, a brand on the educational literature market in Russia, for $1.1bn. "We understand that access to quality educational content and to modern teaching methods for every child and every teacher lays the foundation for a successful future. Combining our ecosystem’s resources together with those of our partner companies and Prosveshcheniye creates new opportunities for the sector-wide development of education and for the achievement of national development goals," Herman Gref, Sberbank CEO, Chairman of the Executive Board.