Yandex and Sberbank will trade together

They will create a joint venture on the basis of Yandex.Market.
Yandex and Sberbank have agreed to create a joint venture based on Yandex.Market. Companies will combine infrastructure and technology and will develop an e-commerce ecosystem. At the same time, the bank will invest 30 billion rubles in the joint venture. At an estimation of all enterprise in 60 billion rbl.

Yandex and Sberbank signed an agreement on intentions to create a joint venture based on the commodity aggregator Yandex.Market. By combining infrastructure and technology, companies will develop an e-commerce ecosystem that includes the purchase and sale of goods, including digital products, as well as related products and services, from the official communication of the parties.

Sberbank invests 30 billion rubles in Yandex.Market. At the time of the transaction, partners estimate the entire enterprise at 60 billion rubles. Without taking into account future synergy, thus, the parties will have equal shares in the company. In addition, up to 10% of the company's shares will go to form an optional fund for Yandex.Market employees. It is expected that the deal will be closed before the end of the year.

"Yandex.Market" will continue to operate under the management of the current team, headed by the general director Maxim Grishakov. He will join the board of directors of the joint venture with three more representatives from Yandex and three from Sberbank.

At the end of 2016, the turnover of Yandex.Market amounted to about 100 billion rubles. Every month more than 20 million people visit the Market. About 20 thousand Russian and foreign online stores offer customers on the service their products and attract new customers. The service presents more than 150 million product offers.

According to Mr. Grishakov, users will have many new opportunities - the financial and payment infrastructure of Sberbank will allow, for example, to make payment for goods even easier and safer and offer new services, such as buying on credit. "In addition, Sberbank's investments will provide additional resources with new resources: logistics, the" Order on the Market "program, work with foreign stores," he says.

"The participation of Sberbank in the creation of a leading player in the field of electronic commerce is important both for the development of the digital ecosystem of the Savings Bank and for the country's economy as a whole," the words of the president and the head of the Board of Sberbank, German Gref, are in the message. "This partnership will open new opportunities for Russian companies, Players in the e-commerce market, small and medium-sized businesses, and will create both conditions for the growth of exports of Russian goods abroad, as well as new opportunities for foreign market participants. "