On 11 March 2011, Standard Bank Group announced a transaction where a 36.4% investment in Troika Dialog Group, together with the controlling stake owned by TDM Limited Partnership, would be acquired by Sberbank, Russia's largest bank. Under the terms of this agreement, Standard Bank Group would receive an upfront payment of US$372 million. They would participate in an earn-out payment based on the performance of Troika Dialog over the three financial years, ending in 2013.
Standard Bank Group has received all necessary approvals and confirms that the transaction has been closed successfully.
"Standard Bank Group is pleased to have played a role in the development of Troika Dialog and we look forward to further developing our strong relationship with Sberbank\Troika," says Jacko Maree, Chief Executive, Standard Bank Group. "We continue to regard Russia as an important market and we are already working with Sberbank/Troika in developing business in areas of common interest, particularly in Africa and in the area of natural resources," he adds.
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