October 22, 2020

Yandex shares are growing rapidly after the purchase of Tinkoff Bank

Yandex shares are growing rapidly after the purchase of Tinkoff Bank

The Tinkoff group of companies is negotiating the sale of its online Tinkoff bank to the Russian Internet giant Yandex for $ 5.48 billion.

The market immediately reacted to the news with a rise in Yandex shares. The day after the announcement of the deal on the US stock exchange Nasdaq, shares of the Internet giant gained 11.8%.

Yandex shares are growing rapidly after the purchase of Tinkoff Bank

At the auction on September 22, the company's shares reached a maximum of $ 66.34. On the Moscow Exchange, the record was 5,282 rubles.

The idea of ​​integration between the two industry leaders wasfirst publicly presented last June. The parties have now confirmed the upcoming deal. Oleg Tinkov noted that he considers the process to be a merger of the two giants, and not a sale.

By prior arrangement, Yandex will cost $ 27.64 for each TCS Group share. At the same time, 50% of payments will be made in cash, and 50% - in Yandex shares.

According to Yandex, the deal must be approved by shareholders, whose meeting date has not yet been set.

The possible deal was announced a few months after Yandex ended its partnership with Sberbank, Russia's largest lender, and placed Yandex.Money under its control.

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