Sberbank agrees to sell 45% stake in Yandex.Market

Maria Nikolova

Sberbank has determined to accept Yandex’s offer regarding the sale of Yandex.Market stake and will consolidate 100% of the shares in Yandex.Money.

Sberbank Rossii PAO (MCX:SBER) has decided to sell to Yandex a 45% stake in Yandex.Market B.V., which operates in Russia as Yandex.Market, Beru, Superchek, and other brands.

The value of the transaction is RUB 42 billion. The aggregate profit the deal will generate for Sberbank is expected to reach about RUB 20 billion, with the final figure to be determined at the closing of the transaction.

In addition, Sberbank is buying Yandex’s shareholding (25% + RUB1) in Yandex.Money and will rebrand the latter until the end of 2020. Sberbank is acquiring Yandex.Money’s entire share for a consideration of approximately RUB 2.4 billion at a substantial discount to the market value as the deal will be closed at the price following from the shareholder agreement Sberbank and Yandex signed in 2013. The final price will depend on the US dollar exchange rate ahead of the deal’s closing and its date.

Once the deal gets closed, Sberbank will have 100% ownership in Yandex.Money. All Yandex.Money services will keep operating routinely.

Yandex.Money’s business registered a several-fold increase after Sberbank acquired its controlling interest. In 2019, the company’s turnover rose 13 times to reach RUB 502.7 billion, while its EBITDA saw a 16-fold increase to rise to RUB 2.9 billion. The company’s net profit in 2019 stood at RUB 1.9 billion and its net assets were worth RUB 6.9 billion as of December 31, 2019. The company’s own funds in its accounts exceeded RUB 6 billion.

The parties have signed legally binding paperwork covering the deal which is expected to close in the third quarter of 2020 once all regulatory approvals are obtained.

Herman Gref remains a member of the Yandex Board of Directors until Yandex holds its shareholder meeting where a new Yandex BoD will be elected. However, he does not intend to be part of Yandex’s governance board in the future.

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