February 16, 2018 / 6:00 AM / 7 months ago

Russia's VTB buys 29 pct of Magnit, CEO reduces stake to 3 pct

SOCHI, Russia, Feb 16 (Reuters) - Russia’s VTB bank has bought a stake in Russian food retailer Magnit from its Chief Executive Sergey Galitskiy, the bank and the company said on Friday.

VTB said the deal, worth 138 billion roubles ($2.46 billion), would see the bank buy 29.1 percent of Magnit’s shares and Galitskiy retain 3 percent of Magnit shares.

VTB may at some point sell the stake in Magnit but it was not a short-term investment, VTB CEO Andrey Kostin said at the signing of the deal at an economic forum in Sochi. ($1 = 56.2110 roubles) (Reporting by Polina Nikolskaya; Writing by Polina Ivanova; Editing by Maria Kiselyova)

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