Sber bought AFK Sistema's stake in Element Group of Companies

Sale of AFK Sistema's stake in Element Group to Sbu was closed before the New Year with reservations that must be eliminated by the end of January, Kommersant found out. AFK's share is estimated at 24 billion rubles, and the entire Element Group is estimated at more than 50 billion rubles. Upon completion of the transaction, the production assets of Element Group will be transferred to the management of a subsidiary of Beber, and Element PJSC will be disbanded. BEAC did not respond to a request from Kommersant, and Element Group and AFK Sistema declined to comment.