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Etalon Group to buy remaining 49% stake in Leader-Invest

Etalon Group PLC said its unit Etalon Group Co. AO agreed to buy the remaining 49% stake it does not already own in Moscow-focused residential real estate developer Leader-Invest JSC for 14.6 billion Russian rubles.

Sistema PJSFC, a publicly traded diversified holding company, is selling the stake in a deal slated to close in August.

The deal will be financed with a long-term credit line, and Russian development and construction company Etalon Group will consolidate full ownership of Leader-Invest following the acquisition.

As of Aug. 9, US$1 was equivalent to 65.45 Russian rubles.