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MOSCOW and AMSTERDAM, July 23, 2020 (GLOBE NEWSWIRE) -- Yandex (NASDAQ and MOEX: YNDX) and Sberbank announced that they have completed the reorganization of their Joint Ventures – Yandex.Market and Yandex.Money.
Yandex now owns 100% of Yandex.Market, with an equity incentive pool set aside for Yandex.Market management. In addition, Yandex has exited the Yandex.Money Joint Venture. As a result, any financial services non-compete obligations between Yandex and Sberbank are now terminated.
A net cash consideration of RUB 39.6 billion has been transferred by Yandex to Sberbank.
Yandex and Sberbank will each continue to provide certain transition services to Yandex.Money and Yandex.Market, respectively, for an agreed period of time. The price comparison and marketplace services of Yandex.Market will continue to operate without any changes for users or our merchant partners.
As a wholly owned subsidiary of Yandex NV, Yandex.Market will be consolidated in Yandex NV’s financial results as of today. The changes will be reflected in Yandex’s third quarter financial results.
Yandex (NASDAQ and MOEX: YNDX) is a technology company that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and information services. Additionally, we have developed market-leading on-demand transportation services, navigation products and other mobile applications for millions of consumers across the globe. Yandex, which has 36 offices worldwide, has been listed on the NASDAQ since 2011.
More information on Yandex can be found at https://yandex.com/company/.
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