Yandex and Sberbank plan in the third quarter to close the deal, involving the termination of cooperation on the "Yandex.Market" and "Yandex.Money", says the company.
As part of the deal, Yandex will buy the 45% share of Sberbank in the "Yandex.Market" over 42 billion, consolidating 100% of the company, and selling Bank share in "Yandex.Money" in the amount of 25% plus 1 ruble for pre-2.4 billion rubles (Bank now owns 75% minus 1 ruble "Yandex.Money").
Total savings income from the sale of "Yandex" its share in "Yandex.The market" will be about 20 billion rubles, the final size will be determined at the close of the transaction, the Bank said.
Sberbank and "Yandex" cease cooperation in joint enterprises. Under the deal, the company will redeem, the savings Bank share in "Yandex.Market" for 42 billion rubles, and the Bank will redeem "Yandex" share in "Yandex.Money" for 2.4 billion rubles.