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Yandex agrees on USD 5.5 billion deal for Russian challenger Tinkoff Bank

Wednesday 23 September 2020 14:28 CET | News

Russia-based fintech Yandex has agreed on a USD 5.5 bln deal to acquire online bank Tinkoff.

 

Yandex officials said it was preparing a cash-and-share offer for all of London-listed Tinkoff’s share capital at a premium of 8 per cent over its share price. The prospective deal, which is subject to due diligence and a formal offer, will represent a major shake-up of Russia’s tech and banking markets at a time when major state-run companies are encroaching on both sectors, according to Financial Times.

After his offer to buy a controlling stake in Yandex in 2018 was rebuffed, Sberbank set up several competing businesses with rival tech companies that made the partnership untenable, and sold its half of their ecommerce joint venture back to Yandex for USD 600 million.


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Keywords: Yandex, Tinkoff, challenger bank, banking, online bank, digital bank, fintech, financial technology, mergers and acquisitions, acquisition, Russian Federation, Russia
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Russian Federation
This article is part of category

Banking & Fintech