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Yandex, Sberbank agree to set up Yandex.Market e-commerce joint venture

2017-12-14 15:46:00| Telecompaper Headlines

(Telecompaper) Russian internet search engine Yandex has concluded an agreement with Sberbank on the launch of a joint venture based on the Yandex.Market platform. Under it Sberbank will subscribe for new shares in Yandex.Market for RUB 30 billion, valuing it at RUB 60 billion on a post-money basis, before taking into account any potential future synergies. The two partners will own equal stakes in the company, with 10 percent of the shares to be issued to an equity incentive foundation and allocated for future grants of equity awards to management and employees of Yandex.Market.

Tags: set agree joint venture

Category:Telecommunications

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