Megapolis Invest to increase share in Elektrozavod
The joint venture of Sistema and Sber has increased its stake in transformer manufacturer JSC Elektrozavod.
LLC Megapolis Invest, a joint venture between Sistema and LLC Sberbank Investments, has signed an agreement to acquire an additional 29.64% stake in JSC Elektrozavod from a private investor for just over $78 million.
Following the completion of the transaction, the joint venture will hold a 94.01% stake in JSC Elektrozavod.
Previously, in December 2020, the Purchaser acquired a 64.37% stake in JSC Elektrozavod and 100% in LLC Elektrokombinat (together, “Elektrozavod Group”) from certain private investors for §333 million. The parties also concluded an agreement granting Sistema the right to acquire and SberInvest the right to sell its stake in the equity capital of the Purchaser to the Group.
Elektrozavod Group includes transformer equipment production facilities in Moscow and Ufa, maintenance divisions, research and design institutes, an engineering centre and land plots totalling 19 hectares near the Elektrozavodskaya metro station in Moscow.
Photo (for illustrative purposes): Transformatoren / Frauke Feind / Pixabay / Free for commercial use