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Yandex announced the division of assets with Sberbank

June 24, 2020|
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Yandex N. V., the parent company for Yandex and other companies in the group, announced the parameters for the division of joint assets with Sberbank.

Yandex buys 45% from Sberbank " Yandex.Market " for 42 billion rubles, with a total valuation of about 87.3 billion rubles. After closing the transaction, the Internet holding will consolidate 100% of the trading platform. As before, part of the shares of Yandex.Market" will be allocated for the motivational program of employees.

Yandex will also sell Sberbank a minority stake-25% plus 1 RUB-in Yandex.Money». The preliminary sale amount, which will allow the Bank to fully consolidate the project, is 2.4 billion rubles. But the final amount will depend on the closing date of the transaction and the exchange rate. "Yandex.Money " will continue to work for users in the usual mode, but before the end of this year will rebrand, the report notes.

The parties expect the deal to close in the third quarter of 2020. It has already been approved by the Yandex Board of Directors and the Sberbank management Board. The part of the transaction related to the e-Commerce business also requires approval from the Federal Antimonopoly service of Russia.

As Lev Khasis, first Deputy Chairman of the Sberbank management Board, explained, " competition between the Sberbank and Yandex ecosystems has started to increase." "We plan to remain partners with Yandex under commercial agreements in many areas," he said. "Building an ecosystem is a living process, and this transaction opens up completely new opportunities for us in the development of the e-commerce segment, as well as removes a number of restrictions previously stipulated by our agreements with Yandex," Khasis also said.

The fact that Yandex and Sberbank may announce the division of joint projects in June became known on June 2.

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