Yandex +3.7% on reported $5.5B deal for Tinkoff bank

Sep. 22, 2020 1:07 PM ETYandex N.V. (YNDX)YNDXBy: Jason Aycock, SA News Editor3 Comments
  • Russian search giant Yandex (NASDAQ:YNDX) has jumped 3.7% in Nasdaq trading after a filing noting it's coming to terms to buy TCS Group for $5.48B, shoring up with a powerful banking operation.
  • TCS Group's Tinkoff is Russia's top online bank. And it says it's come to agreement in principle on a cash-and-stock deal amounting to $27.64 per Tinkoff share - a premium of about 8% to Tinkoff's close yesterday.
  • The proposed transaction would be subject to the approval of Yandex's Class A shareholders and its General Meeting of shareholders.

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