In March, Troika Dialog, one of the iconic investment banking pioneers on the Russian corporate finance market, was sold to Sberbank. According to the acquisition terms, the deal price was $1bln paid instantly and another probable sum of $700mln payable after three years under certain conditions, notably, that Troika’s three-year profit averages about $173mln per year, but if this figure drops less than $70mln, no more additional payments will be paid.
The sale marks the end of Troika as an independent legal entity and the beginning of its new life under Sberbank, whose management has called the deal ‘a logical completion of universality, which will enable the bank develop in new directions, including securing accesses to international capital markets.’ At Troika, the deal was christened ‘an epochal event for the local financial market that combines the knowledge and resources of the country’s two leading financial institutions.’
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