Volozh divorces Gref

Yandex and Sberbank will complete the partnership in joint projects. The IT company will get Yandex.Market, the bank - Yandex.Money. The new shareholders of Yandex will be the structure of VTB and Roman Abramovich.
Origin source
Yandex and Sberbank announced the termination of the partnership in Yandex.Money and Yandex.Market. Under the terms of the asset section, Yandex will redeem from Sberbank its share (45%) in Yandex.Market, becoming the sole owner of the project. At the same time, Yandex will sell the bank the remaining stake in Yandex.Money. As a result, Sberbank will receive 25% plus 1 ruble of Yandex.Money and will become the sole owner of the company, Yandex said.

Divorce Terms

Sberbank, in turn, said that it had decided to agree with the proposal of Yandex. For 45% of Yandex.Market, an IT company will pay Sberbank 42 billion rubles. The bank’s total profit from the transaction will be about 20 billion rubles, the final size will be determined at the time of closing the transaction. The amount of the transaction with Yandex.Money will depend on the date of its closure and the exchange rate, but previously it is 2.4 billion rubles, Yandex said in a statement. This is a “significant discount to market value” because the transaction is carried out at a price determined on the basis of a shareholder agreement between Sberbank and Yandex of 2013, the bank said in a release. The parties expect to close the deal in the third quarter of 2020, but it should be agreed by the Federal Antimonopoly Service.

New shareholders of Yandex

To finance further growth, Yandex will attract $ 800 million through the placement of newly issued shares (the sold share will be about 5% in the company’s capital), the report said. Packages of $ 200 million each will be sold to three investors - VTB Capital investment company, the company of billionaire Roman Abramovich F 10 and the structure of his partners Alexander Abramov F 21 and Alexander Frolov F 29. The remaining shares for $ 200 million will be sold through an offering by accelerated subscription, the results of which will determine the price for private investors. Buyers will not be able to sell their stocks for two years or increase their stake in Yandex to more than 3.99%.

For VTB, joining the capital of Yandex is a promising investment that opens up opportunities for strategic partnership of companies, the bank said.

After divorce

After the "divorce" with Sberbank, the IT company intends to implement a new strategy for the development of Internet commerce services, strengthen the integration of Yandex.Market with its other projects and develop its own fintech services, it follows from its message. Sberbank, in turn, announced that it intends to rebrand Yandex.Money by the end of the year.

Sberbank announced about a possible reorganization of joint business with Yandex even during a meeting with investors last year, said Bank First Deputy Chairman Lev Khasis. “The competition between the ecosystems of Sberbank and Yandex began to increase, we were looking for a mutually acceptable way out of this situation, and together with Yandex management we managed to find a balanced and mutually beneficial solution,” he said. According to Khasis, Sberbank plans to remain partners with Yandex in the framework of commercial agreements in many areas.

A possible divorce scheme between Yandex and Sberbank was reported by The Bell in early June. And two weeks ago, Sberbank announced that it had signed binding documents on investments in the development and purchase of 72% in the 2GIS company, registered in Novosibirsk, one of the most expensive Forbes Runet companies. She is developing online maps and city guides. The company's valuation for the transaction amounted to 14.3 billion rubles. A Forbes source reported that Sberbank’s divorce from Yandex could become the catalyst for the deal with 2GIS. Two Forbes sources reported that Yandex also made a bid for 2GIS. But in the end, 2GIS management chose Sberbank, as “the proposed conditions were better,” said one of Forbes’s interlocutors. “It is important for Sberbank to have its own map service so that it does not depend on Yandex maps and navigators,” he said.