Why is negotiating the acquisition of the Tinkoff Bank terminated: all podrobnostyami Solovyov | 18.10.2020
The deal, involving the purchase of Tinkoff Bank IT-company “Yandex” from its parent company, which had already predicted the status
largest non-oil market, will not take place. Hand – TCS Group and “Yandex” has announced the completion of negotiations, the shares of both companies on the background of these news slightly decreased, and the experts build
versions about the causes of the incident.
The news of the impending purchase of one of the leading Russian IT companies the most technologically advanced Russian Bank has stirred the market is not less than the information on the division of assets between the same IT company and
its largest partner in the retail banking market, which has, moreover, one of the most extensive in Russia ecosystems – Sberbank of Russia (now the company BEAC). Recall that in the first weeks of the summer
this year, “Yandex” came from both joint Bank projects, by purchasing his share in the joint venture “Yandex.Market” and sold him his part in the project “Yandex.Money.”
In mid-September of the current year, even before the final division of assets with his former partner, IT company announced a preliminary agreement that involves the purchase of another strong player,
the merger which would have made her not only the direct and most visible competitor of the former partner, but also the most powerful figure in the domestic market of financial technologies – Tinkoff Bank. The amount
the contract was valued at $5.48 bn
However, 16 Oct received official information that a new potential “deal of the century” will not take place.
“After further discussions, including with the controlling shareholder of Tinkoff Bank, the parties agreed not to pursue the potential transaction. Thus, the negotiations between the parties in respect of
the potential deal was immediately terminated”, – this information is available on October 16 in the release on the official website of the London stock exchange.
The main reason for the collapse of the deal is called the fact that the parties are unable to come to a decision about the final terms of the deal that would suit both.
So, Oleg Tinkov, founder and Chairman of the Board of Directors of “Tinkoff Bank” intended after completion of the transaction to remain in the company. However, didn’t specify in what capacity. He also
he stressed that “not yet sold”, and said that looking at the deal as a merger, not a sale, – quotes its “Meduza” with reference to the entries in Instagram in the last days
In mid-October, according to media reports, Oleg Tinkov has reported other possible options for the sale of the Bank, calling potential buyers, including company MTS “MTS Bank” and
stressing that the final agreement not yet reached with anyone.
And literally two days after this, October 16, Oleg Tinkov will send the employees a letter in which he says of his decision to complete negotiations with the “Yandex”, and the annulment of the transaction.
“I made the decision to break a possible deal with the “Yandex”. Why? We started with the unification, the search for synergies and rapid growth of our client base. And wanted to build the largest private
the company in Russia. In fact it resulted in a sale, they just wanted to buy “Tinkoff”, with all the attendant negative consequences for us. “Tinkoff” not for sale or “Yandex”, no MTS” –
said in his letter. “I was very surprised that the brand Yandex such a negative attitude, and their consumers don’t like, although unlike us, they are more friendly for the consumer
segment of the market. All this has led to the fact that I stopped the deal. Yourself will grow to 20 million customers, 1 billion profit and will be worth 10+ billion dollars on the stock exchange”.
However, in “Yandex”, as reported by the mainstream media, believe that the failure of the transaction is the responsibility of the founder of Tinkoff Bank.
“We constantly went to meet Oleg in his additional requirements, cited the statement of the representative of the IT company. Unfortunately, after each stage of negotiations was new
requirements. So today, when we found out that Oleg has decided to withdraw from the deal, we weren’t surprised,” writes in his letter to the managing Director of the group of companies “Yandex” Tigran khudaverdyan
which is also quoted by the media.
Will Oleg Tinkov further negotiations on the sale of its Bank and other partners – is still unknown. But, experts say, the probability of this is quite high. For example, according to
lead analyst FxPro Alexander kuptsikevich companies, in the end, the businessman is still sell your Bank because in the past he has always sold their businesses. And the entrepreneur, in addition to the Bank, was
a lot – he is the founder of a network of shops of home appliances “tekhnoshok”, plants “Daria”, which produced frozen foods (including popular dumplings “Daria”), beer company
and the network of restaurants “Tinkoff” and the music store “Music Shock” and record label “Shock Records”.
“It’s not even an HYIP, but an attempt to praise the product, like they do at the Bazaar. Do not be surprised if in the coming days we will hear about the new sale of “Tinkoff Bank”, – the expert concludes.
In connection with the failed transaction, CBR intends to check the Bank and IT company for signs of insider trading and detection of suspicious transactions affecting quotes. About it
reported in the press service of the regulator with reference to the Director of the Department of counteraction to unfair practices Valery Lyakh.
Amid the news about the cancellation of the transaction shares cancelled partners decreased in price. So, October 16, paper “Yandex” in the moment fell more than 4%, TCS Group Holding more than
than 7%. However, according to the auction of the Moscow exchange, and later quotes a few retreated from the lows reached. So, to 12.26 MSK shares of “Yandex” has decreased by 2.94%, Depositary receipts TCS
Group Holding – by 4.41%.
Mergers and acquisitions
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