Yandex concludes partnership with Sberbank, buys back Yandex.Market
MOSCOW. July 23 (Interfax) - Yandex has closed a deal of the purchase of 45% of Yandex.Market from Sberbank , according to a statement by the parties.
The stake was bought back for 42 billion rubles, based on a valuation of the joint venture at 87.3 billion rubles.
This part of the deal is the last stage in concluding the partnership on all joint projects between the state bank and the IT company.
Sberbank will see around 20 billion rubles in profit before tax from the deal.
On July 21, Sberbank consolidated 100% of Yandex.Money, spending 2.4 billion rubles for the blocking stake.
Yandex now controls 100% of Yandex.Market, but the company intends to set aside a small stake for a incentive program for management, as was the case during the period of joint operations with Sberbank, when 5% of stock was held by management.
The deal will not affect the operations of Yandex.Market, with the eponymous aggregator and the Beru marketplace continuing to operate normally.
Maksim Grishakov will continue managing the company.
Yandex.Market will soon update its strategy, with which three goal should be realized by 2023: positive adjusted EBITDA, entry into the top 5 of e-commerce market players and an increase in inventory to 5 million SKU.