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Yandex tentatively agrees to buy Tinkoff

September 22, 2020|
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Yandex is negotiating the purchase of TCS Group, the parent structure of Tinkoff Bank. The deal may amount to about $5.48 billion, follows from a message published on the London Stock Exchange.

The exact parameters of the deal may be changed - Tinkoff notes that as a result of the negotiations Yandex may not put forward a final offer.

 According to Vedomosti, Yandex is planning to pay using a combination of cash and shares. By the end of the second quarter of 2020, Yandex's free cash and cash equivalents were $3.45 billion. A similar message about a possible deal was posted on the Yandex website. Against the background of messages about the deal, Yandex shares rose by 4%, the company's capitalization - $22.3 billion.  

Back in 2019, at the St. Petersburg International Economic Forum (SPIEF), Oleg Tinkov proposed to the founder of Yandex, Arkady Volozh, to combine the businesses. Then the creator of Tinkoff Bank noted that there should be a bank inside any ecosystem.

At the end of June, Yandex and Sberbank officially announced the division of joint assets - Yandex.Market and Yandex.Money. The deal was closed a month later.

In August, it became known that in the spring of 2020 Yandex submitted applications for registration of 17 trademarks - in the banking, investment and insurance sectors.

Original (in Russian)

Subject:

#deals

Companies:

#Yandex

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