Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Alfa Group Buys 50% of Builder

Mikhail Fridman's Alfa Group bought half of St. Petersburg's IVI-93 construction company as the billionaire's holding starts development projects in the country's second-biggest city.

The acquisition was completed through Alfa's A1 unit at the end of January, the companies said in a joint e-mailed statement last week. The financial terms were not disclosed.

Alfa plans to focus on "large-scale" projects in and around St. Petersburg, while it will also bid to construct elite housing and office centers. The deal comes after the city last month awarded Glavstroi, owned by fellow billionaire Oleg Deripaska, a $1.1 billion contract to redevelop part of the center.

"The aim of the shareholders is to create a major, modern developer that will become, at the very least, one of the three leading companies on the St. Petersburg market," Igor Litvak, A1 managing director, said in the statement.

Alfa was in talks to pay as much as $300 million for the IVI- 93 stake, Kommersant reported last month.