As reported by the company Yandex, on December 13, 2017, a binding agreement was signed between By Yandex and Sberbank about the creation of a joint venture based on Yandex.Market. The negotiations became known in August, at the same time the companies concluded a corresponding agreement of intent.

Under the terms of the agreement,Sberbank is ready to purchase newly issued shares Yandex.Market for 30 billion rubles (about $500 million). The transaction is expected to close in the first half of 2018, after the necessary regulatory approvals have been obtained and formal conditions have been met.

At the time of the transaction, the partners estimate the entire enterprise at 60 billion rubles, excluding future synergies. In the new joint venture Yandex and Sberbankk will own equal shares in the company. 10% of the shares will be used to form an option fund to reward employees.

The main task Yandex.Marketwill be the creation of an online retail service. Yandex and Sberbank will be engaged in online trading in Russia, Georgia, CIS countries and the Baltic States only within the framework of Yandex.Market.

CEO Yandex.MarketMaxim Grishakov will continue to lead the company, and will also join the board of directors of the joint venture together with three other representatives from Yandex and three representatives from Sberbank.

The creation of a new company, believesGrishakov, will give many new opportunities to users of the site. Developed financial and payment infrastructure Sberbank will allow Yandex.Market, for example, to make payment for goods even easier and safer and offer new services, such as buying on credit.The joint venture will use the technology and brand Yandex and will receive advertising and information support Yandex and Sberbank.

In addition, partners use all the potential and accumulated experience in their fields to ensure significant growth Yandex.Market.

Photo: shutterstock.com , Yandex.Market