Yandex and Sberbank announced the divorce and divide property

«Яндекс» и Сбербанк объявили о разводе и делят «имущество»

The company “Yandex” has officially announced that her joint with Sberbank’s assets will be divided. Information about this is contained in a press release published on the website of the company. The transaction will result in “Yandex.The money” will become the property of the savings Bank, whose share in the service at present is 75 %. “Yandex.Market”, the second joint venture, after foreclosure, the savings Bank share of 45% will pass under the full control of “Yandex”.

According to published reports, the purchase of shares of Sberbank in the “Yandex.The market” will cost “Yandex” to 42 billion rubles, while the overall assessment of the company about 87.3 billion rubles. The company explains its decision on “the implementation of new strategies development in e-Commerce”. This strategy also involves increasing investment in the development of the marketplace, the range of which is 1 million items, and the next year they will be twice more.

In the second part of the deal, Yandex will sell Sberbank minority share in “Yandex.Dargah”, which is 25 % plus 1 ruble. The preliminary amount of sale is equal to 2.4 billion, and the final cost will depend on the closing date of the transaction and current at the time of the exchange rate. The transaction is expected to be completed in the third quarter of 2020. It is also known that the service “Yandex.The money” will continue to work as usual, but before the end of the year, Sberbank plans to re-brand, which will lead to the name change.

The competition between the ecosystems of Sberbank and “Yandex” began to grow, we searched for a mutually acceptable way out of this situation, and we together with the management of “Yandex” managed to find a balanced and mutually beneficial decision“, – commented on this question the Deputy Chairman of Sberbank Lev Khasis.