Yandex, who wanted to acquire 100% of the capital of the online bank, said “could not agree on the final terms of the agreement with the main shareholders of Tinkoff”.
Russian Internet giant Yandex will not buy online banking Tinkoff, a major fintech success in recent years, the two groups said on Friday, three weeks after the announcement of their project.
Yandex and Tinkoff said in September that they had reached “an agreement in principle” for a transaction valued at 5.48 billion dollars (5.01 billion francs), which would have been one of the largest transactions between Russian companies of the latter. years.
“Following further discussions, particularly with the controlling shareholder of Tinkoff, the parties have agreed not to proceed with the potential transaction,” the TCS (Tinkoff Credit Systems) group said in a statement.
“Tinkoff is delighted to continue its partnership with Yandex on current and future projects”, specifies the group.
Yandex, which wanted to acquire 100% of Tinkoff’s capital, for its part indicated “not having reached an agreement on the final conditions of the agreement with the main shareholders of Tinkoff”.
Founded in 2006, Tinkoff Bank has grown rapidly and today claims to be Russia’s third-largest retail bank behind public giants Sberbank and VTB with eleven million customers.
Listed in London, it raised $ 1.1 billion when it went public in 2013.
The president and founder of Tinkoff is Oleg Tinkov, a colorful billionaire currently being treated in London for leukemia. He still controls, via a family fund, 40% of the bank and has 87% of the voting rights.
Shortly after the announcement that an agreement in principle had been reached, he had qualified and indicated that the matter was only “under discussion”, adding that “it is not a sale, rather a merger”.