The Yandex empire continues to grow. The company has officially confirmed information about negotiations with TCS Group Holding PLC (Tinkoff) regarding a possible offer to purchase 100% of the share capital. The parties have already reached an agreement in principle on the deal: it involves remuneration in the form of cash and Yandex shares for a total of about $5,48 billion, or $27,64 per Tinkoff share.
The full terms of the transaction have not yet been made public: they will be determined after the completion of a comprehensive due diligence (if its results are satisfactory to Yandex) and the approval of binding documents, including the conditions for closing the transaction. That is, in theory, the agreement may not yet take place if everything does not go according to plan with the regulators.
Currently, Yandex and Tinkoff assume that the potential deal will be implemented through a special settlement scheme (scheme of arrangement) based on the laws of Cyprus. The transaction must be approved by the owners of Class A shares of Yandex, as well as at a general meeting of shareholders. If the takeover proceeds, Yandex will announce the shareholders' meetings and provide the necessary documents in due course.
It is worth recalling that in addition to Tinkoff Bank, the TCS Group includes the insurance company Tinkoff Insurance, the investment company Tinkoff Capital, the virtual mobile operator Tinkoff Mobile, as well as the Tinkoff Development Center and Tinkoff Education.
In June, Yandex officially announced and the separation of all common assets. In particular, the Yandex.Money service came under the control of the bank, and Yandex.Market became the property of Yandex.
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Source: 3dnews.ru