Sberbank said late on Thursday it had acquired a 41.9% stake in Element from private equity fund Sistema and unidentified minority shareholders for 27 billion roubles ($355.73 million), News.Az reports, citing Reuters.
All three companies are targeted by Western sanctions over the war.
Russian newspaper Kommersant, citing sources, reported that under the deal, Element's manufacturing assets will be integrated into Sberbank's tech arm. Sberbank, which rebranded as Sber in 2020, now calls itself a technology company.
Element manufactures integrated circuits, semiconductor devices, and microchips, accounting for about half of Russia's microelectronics production.
Sberbank said it will make a buyout offer to minority shareholders.
