Yandex to buy Tinkoff Bank

Russian technology company Yandex has negotiated acquisition of Tinkoff Bank with TCS Group, the parent company of the bank, TCS Group says in its statement at the London Stock Exchange.

The transaction amount will be $5.48 bln or $27.64 per bank share, TASS reported.

Yandex confirmed in its turn that the company is holding talks with TCS Group on possible acquisition of 100% in Tinkoff Bank. Final terms of the deal will depend on satisfactory completion of the due diligence and negotiation of final documents, the company added.