Sberbank and “Yandex”: is there a section of property?Natalia Solovieva | 08.06.2020
Search engine and Internet portal Yandex and Sberbank are ready to continue cooperation within the framework of two joint projects – “Yandex.Market” and “Yandex.Money.” The savings Bank, as
investment company Millhouse Capital, which designate the status of the most probable future of the minority shareholder of Yandex, called this information is nothing more than market rumors.
In equity joint ventures “Yandex.Market” created by the company Yandex and Sberbank of the Russian Federation on the basis of the service selection of products, and promoting three projects in the area
e-Commerce – Yandex.Market, marketplace-Taking marketplace Bringly, shares of the Bank and IT companies now account for 45%, another 10% is at the disposal of management.
In another enterprise, participation in which partners are prepared to terminate the online payment service “Yandex.Money” – the savings Bank of the Russian Federation owns a capital of 75%, “Yandex” – 25% plus one share.
The termination of the partnership in these projects, according to informed sources in the media, will look like the following. The company “Yandex” will buy the savings Bank of the Russian Federation of its share in “Yandex.Market”,
will remain the single largest shareholder of the company and will continue to engage in self-development project ecosystem.
Sberbank, in turn, will receive 25% of the shares of the project “Yandex.Money”, which today belong to the company “Yandex”. After that, the Bank will, in fact, the sole shareholder of service
online payments, and will be removed thereby from the company “Yandex” the ban on the independent development of other FINTECH projects.
As commented by a leading analyst of the company “Discovery Broker” Andrei Kochetkov, the change of ownership structure in joint projects is quite logical. For Sberbank as
the structure of financial services more typical of working with money, and for the company “Yandex” important areas of ad revenue and marketing. In addition, these steps can be the answer for certain
changes in consumer behavior: the shock of the pandemic coronavirus infection has led to an increase in telecommuting and Internet sales, which revealed the interests and expertise of the Bank and
IT companies in their respective fields.
For further development of the project “Yandex.Market”, the company “Yandex”, according to sources of information, can accommodate up to 5% of its ordinary shares class A (one share – one vote), which should
to bring the company on the basis of the current capitalisation ($13.4 billion), worth about $670 million in addition, according to an informed media, to repurchase the Bank’s share in the project “Yandex” can send funds
from the placement of bonds in the amount of $1.25 billion made early this year. Sberbank has invested in “Yandex.Market” the amount of 30 billion rubles, but the redemption of his share, experts believe,
IT companies will have to produce at market price. However, to call the estimated amount of the transaction, they could not, but said that in April 2020, analysts estimated “Yandex.Market” in the amount of
90 to 96 billion rubles.
To participate in the placement of shares with high probability can an investment company Millhouse Capital, VTB Bank and a number of other international and Russian investors. For example, VTB and
“Yandex” already working on the launch of a joint project for non-professional investors for the trading of securities of “Yandex.Investment.” However, I believe reliable sources, no
of possible new shareholders does not consolidate significantly more than 1% and will not be eligible for inclusion of their representatives in the Board of Directors.
That Sberbank and the company “Yandex” has realized that their joint enterprises in the fields of e-commerce and financial technologies overlap and compete directly with their other projects, the media reported
even a year ago. For example, the Sberbank of Russia has joint projects with Mail.Ru Group – in the segments of online taxi and food delivery.
As stated by the sources, from now on, the partners began a divergence of views. For example, Sberbank, Russia wanted closer integration with the IT-company, up to the entry in its capital,
but “Yandex” has rejected the proposal. At the same time, experts say, the Bank does not have the idea to implement a major project in the field of Internet Commerce, and for several months, interested in buying
any major online retailer.
Official reports refuting or confirming the circulating market participants information, none of the parties has not yet done. So, the press service of the savings Bank of the Russian Federation, as the representative of Millhouse
Capital, call all “market rumors,” to comment on who refused. The press service of VTB declined to comment. The press service of “Yandex” stated that the management of the company do
considering a possible restructuring of its ownership in the joint ventures. The official statement about the termination of the partnership between Sberbank and the company “Yandex” in two joint projects, as
it is assumed, to appear in June of this year.
Mergers and acquisitions
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