OREANDA-NEWS. October 14, 2010. Sistema JSFC (LSE: SSA), 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, reported the press-centre of Sistema.   

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.