Oct 16, 2020
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Yandex named the culprit in disrupting the deal with Tinkoff

Oleg Tinkov
Oleg Tinkov

Founder Oleg Tinkov was found guilty of disrupting the deal between Yandex and Tinkoff. The managing director of the group of IT companies Tigran Khudaverdyan informed his employees about this in a letter.

As the top manager said, the businessman has been trying to sell the bank for a long time and he himself turned to the head of Yandex, Arkady Volozh., Who agreed to start negotiations because the company was interested in merging with a large financial institution. Yandex became especially interested in this after the sale to Sberbank of its own project Yandex.Money.

Khudaverdyan also said that Tinkov constantly wanted new powers for himself and constantly reviewed the conditions.

We were not surprised when we learned today that Oleg had decided to withdraw from the deal., - noted top manager, quoted by

According to the terms of the agreement, Tinkov had to retain his participation in the management of the bank, as he would become its major shareholder. At the same time, the credit institution would have freedom in business development and all the capabilities of the Yandex ecosystem. He called the Tinkoff Bank team cool and close in spirit, wished them success and promised that Yandex would continue to develop fintech.

Prior to that, the letter to Tinkov's employees leaked to the Network. In it, the founder of the bank said that Yandex did not want to merge, but simply to buy a financial organization, and after that the founder lost his desire to sell the bank.

At the same time, the businessman claims that the decision was also influenced by the reaction of customers in social networks, who were not happy with the merger. At the same time, Tinkov called Yandex a bureaucratic company and said that his bank in the future will be able to buy Yandex itself.

The termination of all negotiations on the possible purchase of the group of companies by the Internet holding "Yandex" was announced in "Tinkoff". Prior to that, the parties reported that they had reached an agreement in principle that Yandex would buy the group for $ 5.48 billion. At the same time, Yandex and Tinkoff stressed then that there was no confidence in reaching final agreements yet.

As wrote, Yandex shares on the Moscow Exchange fell 4.1% compared to the previous session's closing level.

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