“FAS has approved the joint venture of Sberbank and Yandex based on “Yandex.Market”

– The Federal Antimonopoly service have agreed on the creation of Sberbank and “by Yandex” joint venture on the basis of “Yandex.Market” should be the message of the Ministry.

The petition of the savings Bank and its “daughter” of “Digital assets” was filed on February 26, it is stated – “the acquisition of rights to block certain decisions of the management bodies, to determine the conditions of entrepreneurial activities of “Yandex.Market” and “Yandex.Market Lab”. The FAS took the decision to meet this request, the statement said.

That FAS does not see grounds for refusal of the savings Bank in the coordination of the petition, the head of the regulator, Igor Artemyev said in late March. “It is agreed, I doubt. Meaningful we see this as a great synergy and sense when a leading Bank in the country with a leading telecommunications company, well, even with a company that operates in the sphere of high technologies, we create the whole story. There is the blockchain, and create a platform in the interests of the whole country, there are many interesting technologies,” said Artemyev.

Yandex and Sberbank signed a binding agreement to establish a joint venture on the basis of “Yandex.Market” in December 2017. By its terms, Sberbank buys new shares “Yandex.Market” to 30 billion rubles (about $500 million) is based on the assessment of SP in 60 billion rubles, “without taking into account future synergies”. Yandex and Sberbank will own equal shares in the company, 10% of the shares will go to the creation of an optional Fund to reward employees.

The closing of the transaction is expected in the first half of 2018.

The company expects that the unification of the infrastructure and technology will allow them to develop an ecosystem of e-Commerce. The parties intend to engage in Internet Commerce in Russia, Georgia, CIS and Baltic States only in the framework of the JV “Yandex.Market”.

The joint venture will use the technology and brand of “Yandex” and will receive advertising and information support of Yandex and Sberbank.

Will head the combined business, the current CEO of “Yandex.Market” Maxim Grishakov, he will also join the Board of Directors of “Yandex.Market” together with three representatives of “Yandex” and three representatives of Sberbank.

Currently, the trade in “Yandex.Store”, offering products of more than 20 thousand online stores, exceeds 100 billion rubles. According to Sberbank, the turnover of SP in 2020 will grow to 500 billion roubles.

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