Russian corporate giants Yandex and Sberbank finalized the terms of their long-awaited separation in late June. The breakup came with Yandex and Sberbank announcing an agreement “to reorganize their two joint ventures” which will now trade as Yandex Market and Yandex Money. Yandex will get full ownership of the e-commerce platform Yandex Market, while Sberbank is to take full control of payment service provider Yandex Money, which it will rebrand to remove the ‘Yandex’ name. In order to complete the deal, Sberbank will sell its 45 percent stake in Yandex Market for a cash consideration of RUB 42 billion. For its part, Yandex will sell its 25 percent stake in Yandex Money for approximately RUB 2.4 billion. The deals were approved by the boards of both companies and are expected to close in the third quarter of 2020.
