Having responded to media speculation about an upcoming deal, Tinkoff has revealed that it has inked an agreement with Russian tech giant Yandex to allow the later to buy the neobank in a $5.48bn deal.
The challenger bank Tinkoff has made the announcement on the London Stock Exchange on Tuesday after trading hours, saying that two parties had reached “an agreement in principle” that would see Yandex pay roughly $5.48bn to buy the company.
This would come down to the tech giant paying $27.64 per share. This would represent a premium of approximately 8.0% to the closing price per Tinkoff shares of $25.60 on 21 September 2020.
However, even though the parties are seemingly in agreement, Tinkoff noted that the “final terms are subject to the satisfactory completion of due diligence and agreement on definitive documentation, including agreement regarding conditions to closing.”
It added, “There can be no certainty that any firm offer will be made for the Company, nor as to the final terms on which any firm offer might be made. The current intention of Tinkoff and Yandex is for the potential transaction to be implemented by means of a scheme of arrangement of Tinkoff.”
Tinkoff added that the deal would “be subject to the jurisdiction of the Cyprus courts”.
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