TCS Group announces there will be no deal on Yandex' purchase of the financial group, will continue developing independently
MOSCOW. Oct 16 (Interfax) - TCS Group , the parent company of Tinkoff Bank and Tinkoff Insurance, has announced that negotiations have been terminated regarding the purchase of the financial group by Yandex , and there will be no deal, TCS Group said in a statement.
TCS Group on September 22, 2020, announced a planned deal with Yandex, by which the internet company would become the owner of 100% of the shares of the financial group. Yandex tentatively agreed to buy TCS Group for $5.48 billion in cash and its own shares.
"After further negotiations, including with the controlling shareholder of Tinkoff [Oleg Tinkov], the parties have agreed not to complete the deal. Consequently, negotiations between the parties regarding a possible deal are terminated effective immediately," TCS Group said in the statement.
TCS Group hopes to continue collaborating with Yandex on current and future projects despite the end to negotiations.
TCS Group is not currently engaged in negotiations with any other party on purchasing the financial group, planning instead to continue developing independently, a TCS Group representative told Interfax.
"We are not negotiating with anyone. Tinkoff will develop independently in the future," the financial group's representative said.