Sberbank named the profit from the transaction for "Yandex.Market"
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.
"Fully Sberbank buys Yandex's stake in the company "Yandex.Money" and will hold its rebranding before the end of this year. All services "Yandex.Money" will continue to work in regular mode", - added in the credit institution.
It is also noted that the Bank share repurchases, the Internet company "Yandex.Money" for 2.4 billion rubles with a significant discount to market value, since it is performed at the price determined on the basis of joint agreement between Sberbank and "by Yandex" from 2013. The final amount depends on the US dollar before the completion of the transaction and the closing date, specified in the Bank.