MOSCOW, Feb 19 (PRIME) -- Russian multi-industry holding Sistema has signed an agreement to buy 25% in real estate developer Etalon Group from the company’s founder Vyacheslav Zarenkov and members of his family for U.S. $226.6 million, Sistema said in a statement on Tuesday.
Earlier on Tuesday, Sistema announced the sale of 51% in Moscow real estate developer Leader Invest to Etalon Group for 15.2 billion rubles, retaining control over 49% in the company.
“Sistema has been seeking expansion of the scale of its operations in development for a long time, as it is one of the promising sectors of the Russian economy. A merger of assets and management expertise of Etalon Group and Leader Invest will allow us to create a leader of the housing real estate market with a portfolio of projects with a combined area of 4 million square meters,” the company said quoting President Andrei Dubovskov.
Before the deal, the family of Zarenkov controlled 30.7% in Etalon Group, a fund of investment company Baring Vostok owns 5.7%, and free-float is 60.8%.
(66.2470 rubles – U.S. $1)
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