AFK "System" will buy from VTB "Radio Engineering and Information Systems"

Sistema will buy its share of RTI from VTB Bank , Vedomosti reports . “Radio engineering and information systems” is a microelectronic asset of VTB. 15.32% of shares are being prepared for sale, and the amount of the transaction will amount to 4.5 billion Russian rubles. After completion of the transaction, Sistema’s share in RTI will reach up to 87%.

In May 2016, Sistema sold 10% of RTI shares to Sovcombank for an amount from 3.7 to 5 billion rubles (details of the transaction were not disclosed).

At the same time, Sistema received favorable lending terms for RTIs from VTB. In fact, the bank moved from the category of owner to the category of the creditor of the organization. According to RBC , VTB refinances the debts of RTI, thus providing 28.5 billion rubles. As the sole creditor of the company, VTB will defer payment of 60% of the debt to RTI until 2021, and the company will pay off all its debt obligations only by 2026.

In the future, the possibility of combining RTI and Rostec State Corporation , which was discussed at the end of 2016, is not excluded . At the same time, Sistema can get control over the organization, as stated by the head of Rostec, Sergey Chemezov.

Concern "Radio Engineering and Information Systems" was established in 2000. It includes OJSC Radiotechnical Institute. Academician A.L. Mintsa "(RTI), JSC" Scientific-Production Complex "Scientific Research Institute for Long-Distance Radio Communication" and other enterprises. Concern's industry specialization: radio engineering and rocket technology, integrated communication and security systems, drive technology. The organization carries out various orders, including defense-oriented.