Russia's Mail.Ru, Sberbank agree $1 billion food and taxi JV

Credit: REUTERS/MAXIM SHEMETOV

Russian internet company Mail.ru and state lender Sberbank have agreed to set up a joint food and taxi platform and plan to invest 64.6 billion roubles ($1 billion) in the business, Mail.Ru said on Tuesday.

MOSCOW, Nov 19 (Reuters) - Russian internet company Mail.ru MAILRq.L and state lender Sberbank SBER.MM have agreed to set up a joint food and taxi platform and plan to invest 64.6 billion roubles ($1 billion) in the business, Mail.Ru said on Tuesday.

The deal should be finalised by the end of the year and will hand the firms equal stakes in the joint venture, it said. Mail.Ru will contribute its stakes in the Delivery Club food delivery service and Citymobil taxi to the venture.

Sberbank will contribute its 35% stake in Foodplex, an app for restaurant bookings, and around 38.5 billion roubles in cash, Mail.Ru said.

($1 = 63.8760 roubles)

(Reporting by Nadezhda Tsydenova; writing by Tom Balmforth; editing by Louise Heavens)

((Tom.Balmforth@thomsonreuters.com;))

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