Sistema, Ruselectronics to establish micro-electronics JV

Monday 19 June 2017 | 17:33 CET | News
Russian telecommunications holding company Sistema and the company Ruselectronics, a subsidiary of the state-owned corporation Rostec, announced the signing of a memorandum of understanding on establishing a joint venture in the area of microelectronics.

The parties will contribute assets for the design, manufacture and certification of electronic components to the joint venture. The final list of assets to be transferred will be determined after the completion of due diligence.

Sistema is expected to receive a controlling stake in the joint venture. Sistema may also attract independent financial investors to the new company during the formation period.

The transaction forming the joint venture is expected to close by the end of the first quarter of 2018.

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