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Anna Savelyeva | 06/24/2020
Sberbank agreed with Yandex’s offer to sell a stake in Yandex.Market. The bank itself also consolidates 100% of the shares in Yandex.Money.
The companies officially announced the separation of joint assets. As a result, Yandex will buy back 45% owned by Sberbank in the Market for 42 billion rubles, and the bank, in turn, will receive the remaining 25% +1
rub. in “Money”, paying 2.4 billion rubles.
The total profit of Sberbank from the sale of Market will be about 20 billion rubles. The final transaction sizes will be determined at the time of closing of transactions, which are planned in the third quarter
2020 year. The bank also noted that the final amount depends on the exchange rate of the US dollar. Yandex’s board of directors and the board of Sberbank have already approved the separation. It remains to wait for agreement with
Federal Antimonopoly Service of Russia.
The total estimate of Yandex.Market is 87.3 billion rubles. At the same time, the transaction for the sale of Money takes place with a “substantial discount to market value”, since it is carried out at a price
determined on the basis of the agreement between Sberbank and Yandex of 2013.
The company was informed of a possible reorganization of joint business during the annual meeting with investors in 2019. Recall that the main reason was the growing competition between
ecosystems of Sberbank and Yandex. Nevertheless, the participants plan to remain partners in many areas.
The further picture will look as follows:
Sberbank will rebrand Yandex.Money by the end of this year, however, the company and all its services will continue to operate normally. The new name has not yet been revealed.
- Money cards will continue to work until the expiration date, after which they can be reissued. The ability to log in using your Yandex account will remain.
- German Gref will remain a member of the Yandex Board of Directors until the meeting of the company’s shareholders, at which the new composition of the Board of Directors will be elected. He does not suggest his further participation.
Yandex got the opportunity to develop its own fintech services, which had previously been hindered by an agreement on non-competition because of Money. The company also attracts $ 800 million investment for
financing further growth.
After receiving 100% of Market, Yandex will allocate part of the shares for the employees’ motivation program.
The Market team will continue to work under the direction of Maxim Grishakov, CEO.
Yandex service ecosystem will be used more actively. For example, drivers connected to the Yandex.Taxi platform and couriers working with Yandex.Food and Shop will be able to deliver orders
at the “last mile”, and Market integration with Search and Zen will allow people to offer new purchase scenarios and new services.
purchase of Russian companies
Yandex | Yandex, Sberbank | Sberbank