Sberbank's purchase of Troika Dialog to be finished in Q4 - Standard Bank
JOHANNESBURG. March 11 (Interfax) - Sberbank's acquisition of Russian investment company Troika Dialog will be finished in the fourth quarter of 2011, Troika's owner, South Africa's Standard Bank, said in an announcement posted on the South African Stock Exchange's website on Friday.
The first tranche for the acquisition will be made in the fourth quarter.
The transaction should go through several levels of approval with various regulatory bodies.
According to the transaction's terms, Sberbank will buy Troika Dialog outright: 63.3% from a partnership headed by the investment firm's board director Ruben Vardanyan and 36.4% from Standard Bank for $1 billion. In addition, the transaction foresees additional payments (earn-out payments) based on Troika's performance as of the end of 2013.
Standard Bank will receive a payment worth $372 million, as well as an earn-out worth around 8% of the increased value of Troika Dialog as of the end of 2013.
Standard Bank acquired a stake in Troika in September 2009 by injecting $200 million in funds and $100 million worth in shares in its Russian subsidiary CJSC Standard Bank.
