Yandex and Sberbank complete the reorganization of Yandex.Market and Yandex.Money
07/23/2020 - 05:30 AM
MOSCOW and AMSTERDAM, July 23, 2020 (GLOBE NEWSWIRE) -- 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 partners.
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.
About Yandex
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 2011.
More information on Yandex can be found at https://yandex.com/company/
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Industry
All Other Telecommunications
Sector
Information
Tags
Technology Services, Internet Software/Services, Information, All Other Telecommunications
Country
Netherlands
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Schiphol
About YNDX
yandex is one of the largest internet companies in europe, operating russia’s most popular search engine and one of its most visited websites. we generated almost 60% of russia’s search traffic in q4 2014 (liveinternet), while our sites attracted over 62 million unique visitors in december 2014 (tns). yandex creates services for people, with both a deep understanding of their interests and profound knowledge of their reality. all of our products and services are created with the mission to make people’s lives easier and better and provide them with the tools to discover new possibilities in their lives. practically all of yandex’s services use machine learning – including in the ranking of search results, serving online advertisements, and performing translations. in 2009 we developed and implemented our own machine learning method – matrixnet. thanks to our speech recognition technology, users can communicate verbally with the yandex.navigator street navigation app instead of typi
