Sistema unit buys 71% in small satellites maker Sputnix

MOSCOW, Aug 25 (PRIME) -- Sitronics Group, a unit of Russian multi-industry holding Sistema, has acquired 71.06% of Sputnix, a manufacturer of high-tech microsatellite components and technologies, according to the unified state register of companies and the holding’s statement as seen by PRIME on Wednesday.

“Demand for the services based on satellite data will only grow, mainly from the commercial companies,” Alexei Katkov, chairman of Sitronics Group’s board of directors and Sistema’s managing partner, said.

“We plan that the acquisition of Sputnix will help us enter the international market of small space vehicles and win a significant share on the Russian market.”

According to the register, the remaining 28.94% of Sputnix belong to six individuals.

End