Sistema and Sberbank Investments joint venture completed the acquisition of 64.37% stake in Elektrozavod and 100% in Elektrokombinat for $334m.

Sistema, a Russian public diversified holding company, and Sberbank Investments, a provider of banking services, completed the acquisition of 64.37% stake in Elektrozavod, a company producing and marketing transformers, reactors, and related equipment, and 100% in Elektrokombinat, a real estate company, for $334m. The goal of the transaction is to create Russia’s leading manufacturer of transformer equipment and implement a real estate development project on land plots located in Moscow owned by Elektrozavod Group.