Tag Archives: Bank

[unable to retrieve full-text content]Yandex pulls out of deal for online bank Tinkoff  PitchBook News & Analysis Source link

Reuters: Yandex and TCS Group Holding, the parent company of Russia’s top online bank Tinkoff, have terminated talks on Yandex’s proposed $5.48B deal to buy Tinkoff  —  MOSCOW (Reuters) – Plans for Russia’s biggest corporate deal of 2020 collapsed on Friday after talks over a $5.48 billion cash … Source link

The recently proposed merger between Yandex, a major Russia-based tech firm, and banking challenger Tinkoff will not be finalized because the bank’s founder Oleg Tinkov has walked away from the deal. Tinkoff’s management confirmed that all negotiations between the two parties have now been “terminated, effective immediately.” Yandex and Tinkoff had previously reached an agreement “in principle” which would have led to the tech giant acquiring the challenger bank in a $5.5… Source link

Extremely Significant Deal Won’t Happen There will be no deal between Tinkoff Bank, one of the most popular in Russia, and Yandex, the country’s largest technology holding. The stocks of both companies led to a decline in the Russian market on Friday. Besides, the Central Bank has expressed a desire to check the companies for insider trading, according to media reports. Experts called the potential deal extremely significant for the entire Russian market since the merge of Tinkoff… Source link

Plans for Russia’s biggest corporate deal of 2020 fell apart on Friday as talks over a $5.48 billion cash-and-shares sale of online bank Tinkoff to internet giant Yandex were terminated after failure to agree transaction terms. The potential deal – which would have provided competition for Sberbank in the technology and banking sectors – stalled less than four weeks after it was announced by Tinkoff parent TCS Group Holding. TCS founder Oleg Tinkov claimed responsibility for halting the… Source link

Tinkoff, Russia’s leading online bank, has pulled out of a $5.5bn sale to search giant Yandex that would have represented a major shake-up to the country’s tech and finance industries. Yandex said on Friday that “it has not been able to agree definitive transaction terms with the core shareholders of Tinkoff” and that the parties had decided to conclude the negotiations. The collapse ends a year and a half of talks over what would have been a substantial tie-up at a… Source link

FILE PHOTO: The logo of Russian internet group Yandex is pictured at the company’s headquarter in Moscow, Russia October 4, 2018. REUTERS/Shamil Zhumatov/File Photo MOSCOW (Reuters) – Discussions over a $5.48 billion cash-and-shares sale of online bank Tinkoff to Russian internet giant Yandex have been terminated after they failed to agree transaction terms. Tinkoff’s parent company TCS Group Holding said on Friday that it had agreed with Yandex not to proceed with the transaction but… Source link

TCS Group announced on Friday that the sale of Tinkoff Bank to the tech giant Yandex has collapsed and the deal is now “terminated.” “Following further discussions, including with Tinkoff’s controlling shareholder, the parties have agreed not to proceed with the potential transaction,” the company said, offering no further explanation. In a separate press release, Yandex confirmed that it is no longer buying Tinkoff Bank, saying that it failed to finalize terms with the bank’s main… Source link

Photographer: Alexander Zemlianichenko Jr./Bloomberg Photographer: Alexander Zemlianichenko Jr./Bloomberg Russian internet firm Yandex NV terminated talks to buy the country’s largest online lender TCS Group Holding PLC,… Source link

The sale of Tinkoff Bank to Yandex is far from certain, Russian online publication The Bell reported Wednesday, just three weeks after the two companies announced an “agreement in principle” for a $5.5 billion merger. Oleg Tinkov, the owner of the online bank, is also considering other buyers — in particular mobile operator MTS, or its affiliate MTS bank.  The Bell, citing financial Telegram channels and unnamed sources, reported that Tinkov has been in discussions with… Source link