Yandex and Sberbank signed a binding agreement to establish a joint venture on the basis of Yandex.Market. The corresponding agreement of intent, the company entered into on 9 August 2017. About it reports a press-service of the Bank.
Under the terms of a binding agreement, Sberbank is acquiring newly issued shares of Yandex.Market in the amount of 30 billion rubles. At the time of the transaction partners evaluate all the company at 60 billion rubles without taking into account future synergies. Yandex and Sberbank will own equal shares in the company. Ten percent of the shares will go to the creation of an optional Fund to reward employees.
The main task of Yandex.The market will be the development of retail e-Commerce for users. In Russia, Georgia, CIS and the Baltic States “Yandex” and “Sberbank” will be engaged in online trading only within Yandex.Market.
General Director of Yandex.Market Maxim Grishakov will continue to lead the company, and will be included in the Board of Directors of Yandex.Market along with three representatives of “Yandex” and three representatives of Sberbank.
The transaction will be closed after the necessary regulatory permits and fulfilled the formal conditions. The parties expect the closing of the transaction in the first half of 2018.