Sistema
Announces
Intention
To
Acquire
Up
To
51%
Of
JSC
NIS
October
12,
2010
Sistema
JSFC
the
largest
diversified
public
financial
corporation
in
Russia
and
the
CIS,
which
invests
in,
and
is a
major
shareholder
of,
companies
operating
in
different
industries,
today
announced
the
intention
to
acquire
up
to
51%
of
JSC
NIS
–
25.5%
from
the
Concern
RTI
Systems
and
25.5%
from
JSC
SITRONICS,
with
the
Russian
government
retaining
its
49%
stake.
As
approved
by
Sistema’s
Board
of
Directors,
the
consideration
of
the
transaction
may
total
up
to
RUB
484
million.
Although
completion
of
the
transaction
is
expected
in
the
fourth
quarter
of
2010,
it
remains
subject
to
the
execution
of
binding
documentation
and
the
satisfaction
of
all
conditions
precedent,
including
receipt
of
the
approval
of
the
Russian
Federal
Antimonopoly
Service.
JSC
NIS
is
the
federal
operator
of
satellite
navigation
services
responsible
for
commercialization
of
the
GLONASS
system.
This
transaction
is
in
pursuance
of
Sistema’s
policy
to
invest
in
GLONASS-related
projects
and
in
line
with
Sistema’s
strategy
to
participate
in
promising
private-public
partnerships
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