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Russia's Yandex agrees $5.5bn Tinkoff acquisition

Russia's Yandex agrees $5.5bn Tinkoff acquisition

Russian technology giant Yandex is poised to buy digital bank Tinkoff for around $5.5 billion.

In a statement responding to speculation on a takeover, Tinkoff says the two firms have "come to an agreement in principle on a transaction".

The cash and share deal, worth about $5.48 billion or $27.64 per Tinkoff share, would represent a premium of eight per cent on Tinkoff's closing price on 21 September.

Yandex recently ended a joint venture with state-owned Sberbank, paving the way for an agreement with Tinkoff, Russia's biggest challenger.

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