- General
- September 22, 2020
- 4 minutes read
Yandex Offers To Buy Tinkoff Bank
Yandex CEO Arkady Volozh. Photo credit: Vladimir Isaev on Flickr, licensed under Creative Commons Russian internet services giant Yandex has…
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| Yandex CEO Arkady Volozh.
Photo credit: Vladimir Isaev on Flickr, licensed under Creative Commons
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Russian internet services giant Yandex has announced that it’s in discussions to acquire Tinkoff Bank, the leading online bank in Russia, in a cash and stock deal worth $5.5 billion, representing an 8% premium to Tinkoff’s closing market capitalization on the 21st of September, 2020. Tinkoff Bank is a leading Russian bank with no physical branches that was founded in 2006 by businessman Oleg Tinkov. The bank is known to be the second-largest issuer of credit cards in Russia and overall one of the world’s largest digital banks as measured by the number of customers.
Yandex is still in discussions and hasn’t made a formalized offer for Tinkoff. Formalized terms of the propsed deal is contingent on satisfactory due diligence and a definitive agreement between both companies. The acquisition proposal will also be subject to a vote from Yandex’s shareholders, given the company’s status as a public company. A $5.5 billion deal, if formalized, will mark one of the biggest ever seen in the Russian technology industry.
1 Comments
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