Yandex and TCS Group terminate takeover talks for online bank Tinkoff – Latest News

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…

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