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

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.