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Oleg Tinkov Commented On A Possible Deal With Yandex

Oleg Tinkov Commented On A Possible Deal With Yandex

Founder of TCS Group (Tinkoff Bank Manager Oleg Tinkov called the deal with Yandex "more of a merger" than a sale. He wrote about this on his Instagram page.

"I haven't sold anything yet; the deal is being discussed. And this is not a sale, but rather a merger. I immensely respect #Yandex, we are the two best IT companies in the country, and there can be a lot of synergies! I am definitely staying at Tinkoff Bank and will be doing it, nothing will change for clients, but it will become even better," he wrote.

He also added that at the moment, his main project is "survive." In March, Tinkov announced that he was suffering from leukemia. Earlier, he told Reuters that he would set up a charity to fight leukemia, which he is currently fighting.

Tinkov is the primary owner of TCS Group Holding (the parent company of Tinkoff Bank and Tinkoff insurance). In March 2020, it transferred the rights to 40.4% of the group to a family trust.

On September 22, TCS Group announced that it is in talks about its sale to Yandex N. V. the Parties have agreed to a preliminary agreement. The deal could amount to $5.48 billion, or $27.64 per share. According to Vedomosti, Yandex can pay for 50% of the TCS Group package with its own shares, and another half with cash. The trust of the family of the company's founder Oleg Tinkov now owns 40.4% of the shares of TCS Group, the management-6.5%, the remaining 53.1% of the shares is in free circulation.

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