MOSCOW (Pakistan Point News / Sputnik - 24th June, 2020) Russian tech giant Yandex said on Tuesday it ended partnership with the country's largest lender Sberbank on two of its projects, buying the latter's share in online service Yandex.Market for 42 billion rubles ($611 million) and selling its share in Yandex.Money to Sberbank for about 2.4 billion rubles ($35 million).
"Yandex and Sberbank have entered into a binding agreement to reorganize two of their JVs, Yandex.Market and Yandex.Money. Post closing, Yandex will own 100% of Yandex.Market, with an equity incentive pool set aside for Yandex.Market management. Sberbank will gain 100% ownership of Yandex.Money. Yandex.Money service will be rebranded by the end of 2020. Yandex and Sberbank will each continue to provide certain transition services to Yandex.Money and Yandex.Market, respectively, for a period of time following completion," Yandex said in a statement.
"Under the terms of the transaction, Sberbank will sell all of its shares in Yandex.Market (45%) to Yandex for a cash consideration of RUB 42 billion (based on the implied equity valuation of the business of RUB 87.3 billion). At the same time, Yandex will sell its participatory interest in Yandex.Money (25% plus one ruble) to Sberbank for approximately RUB 2.4 billion," it said.
