Sberbank may buy out AFK Sistema's stake in microelectronics manufacturer Element - newspaper

MOSCOW. Sept 19 (Interfax) - Sberbank is negotiating with PJSC AFK Sistema to buy out the corporation's stake in the microelectronics manufacturer Element Group , Kommersant reported, citing its own sources.

The deal could be closed in the near future, Kommersant said.

AFK Sistema and Sberbank declined to comment to the newspaper, and Element did not respond to a request for comment.

"Sberbank, after acquiring Aquarius, together with S8 Capital is thinking about how to consolidate the microelectronics market and build a major player," a source in the banking market told the newspaper. As reported, the shares of one of the largest computer equipment manufacturers, Aquarius, were pledged to Sberbank, and then control of the company was sold to S8 Capital.

In turn, the deal will allow Sistema to reduce its debt burden.

Element Group was formed in 2019 on the basis of assets of PJSC AFK Sistema and Rostec in the field of microelectronics. The group unites more than 30 assets, including the largest chip manufacturer in Russia, Mikron.

In May 2024, Element conducted an IPO on the SPB Exchange and later received a secondary listing on the Moscow Exchange.