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Sberbank and Yandex Announced the Formation of a Joint Venture
6.05.2018 17:07
Sberbank and Yandex  Announced the Formation of a Joint Venture

 Sberbank and Yandex   announced the formation of a joint venture based on the Yandex.Market platform. The companies intend to combine the technological capabilities of Yandex and the infrastructure and technologies of Sberbank to develop a leading B2C eCommerce ecosystem.

      At closing, the company is valued at 60 billion rubles (approximately $1.0 bln). The two partners will own equal stakes in the company. Sberbank invested 30 billion rubles (approximately $500 mln) in the new joint venture. Ten percent of the company’s shares will be reserved for future equity awards for management and employees of Yandex.Market. Maxim Grishakov, Chief Executive Officer of Yandex.Market, will head the new joint venture. 

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Author: Anna Dorozhkina

Tags: Sberbank Yandex    

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