Sberbank agreed with the offer of “Yandex” on the sale of shares in the company “Yandex.Market” and the consolidation of 100 percent of the shares in the company “Yandex.Money.” This is stated in the press release received by the editors”.ru” Tuesday, June 23.
So, the Sberbank in the development of ecosystem sell “Yandex” 45 percent of the company Yandex.Market B. V., which operates in Russia under brands “Yandex.Market”, “Take”, “Superchick” and others. The transaction amounts to 42 billion roubles. The aggregate profit of the savings Bank — about 20 billion rubles, and its final size will be determined at the close of the transaction.
in addition, the savings Bank will fully redeem “Yandex” its share (25 percent) in the company “Yandex.Money” for 2.4 billion rubles and will hold its rebranding before the end of this year. After the deal, Sberbank will control 100 percent of the company. All services “Yandex.Money” will continue to operate as usual.
“the competition between the ecosystems of Sberbank and “Yandex” began to grow, we searched for a mutually acceptable way out of this situation, and we together with the management of “Yandex” managed to find a balanced and mutually beneficial solution. We plan to remain a partner of “Yandex” in the framework of commercial agreements in many areas,” — said the first Deputy Chairman of Sberbank Lev Khasis.
the Parties signed all necessary documents, the closing of the transaction is expected in the third quarter of 2020 after obtaining the regulators ‘ approval. The head of the Bank German Gref will remain a member of the Board of Directors of “Yandex” to the meeting of shareholders, which will be elected the new composition. In the future, it does not require participation in this management body of the company.
Sberbank and “Yandex” have been cooperating since 2013. Jointly developed the payment system “Yandex.Money”, from April 2018, they also conducted a joint venture under the brand “Take” on the base of the aggregator “Yandex.Market”.
