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Yandex and Tinkoff terminated negotiations on the deal

October 16, 2020, 13:04 (UTC+3)|

Yandex announced the termination of negotiations on the possible purchase of 100% of the share capital of Tinkoff. The parties failed to agree on the final terms of the deal, the company stated in a press release. Immediately after the termination was announced, TCS Group’s receipts on the Moscow Exchange fell by more than 6%. The price of securities fell to 1,754 rubles. Yandex shares fell by 3.7%.

According to a representative of Tinkoff Bank, the company is not negotiating with anyone, and “Tinkoff will develop independently”.

According to Forbes, the key issue in the negotiations was Oleg Tinkov’s participation in the management of the merged company.

The merger negotiations between TCS Group and Yandex were announced on September 22. The parties claimed that they had reached a preliminary agreement.

On October 14, The Bell announced that MTS was interested in buying TCS Group.

Original (in Russian)



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