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Sberbank Buys Sportloto

Sberbank acquired almost 75 percent in lottery company Sportloto, the state-controlled bank said Tuesday in a statement, without giving the price.

Sportloto, previously controlled by businessman Oleg Boiko’s Finstar Financial Group, signed a contract with the government to operate 12 lotteries supporting the 2014 Winter Olympics in Sochi, the company said Oct. 5. Sales under Sportloto’s seven-year license may exceed 30.6 billion rubles ($998 million), it said.

(Bloomberg)

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