Yandex and Sberbank complete the reorganization of Yandex.Market and Yandex.Money
Yandex (NASDAQ and MOEX: YNDX) and Sberbank announced that they
have completed the reorganization of their Joint Ventures –
Yandex.Market and Yandex.Money.
Yandex now owns 100% of Yandex.Market, with an
equity incentive pool set aside for Yandex.Market management. In
addition, Yandex has exited the Yandex.Money Joint Venture. As a
result, any financial services non-compete obligations between
Yandex and Sberbank are now terminated.
A net cash consideration of RUB 39.6 billion has
been transferred by Yandex to Sberbank.
Yandex and Sberbank will each continue to
provide certain transition services to Yandex.Money and
Yandex.Market, respectively, for an agreed period of time. The
price comparison and marketplace services of Yandex.Market will
continue to operate without any changes for users or our merchant
As a wholly owned subsidiary of Yandex NV,
Yandex.Market will be consolidated in Yandex NV’s financial results
as of today. The changes will be reflected in Yandex’s third
quarter financial results.
Yandex (NASDAQ and MOEX: YNDX) is a technology
company that builds intelligent products and services powered by
machine learning. Our goal is to help consumers and businesses
better navigate the online and offline world. Since 1997, we have
delivered world-class, locally relevant search and information
services. Additionally, we have developed market-leading on-demand
transportation services, navigation products and other mobile
applications for millions of consumers across the globe. Yandex,
which has 36 offices worldwide, has been listed on the NASDAQ since
More information on Yandex can be found
Yulia Gerasimova Phone: +7 495 974-35-38 E-mail:
Ilya Grabovskiy Phone: +7 495 739-70-00 E-mail: