Tinkov named the reason for the failure of the deal with “Yandex”

by time news

The deal on the merger of Yandex and TCS Group, which owns Tinkoff Bank, did not take place due to fears of the top management of the IT company, the founder of the banking group, Oleg Tinkov, said in a documentary film about the credit institution “He is the only one,” which premiered December 1.

As Tinkov explained, the merger should have resulted in a “national champion”. The entrepreneur himself would not have control in such a company, but he could advise on the conduct of the business. However, the management at Yandex was “scared” of this.

“They say:“ We have Arkady (Volozh, co-founder and CEO of the Yandex group of companies. – Ed.), Who bites us. Tinkov will also appear here, such a charismat. ”And they chatted him, Arkady, that “Why do we need Tinkov,” said the founder of TCS Group (quoted by RBC).

Another reason why the merger did not take place was the rapid growth of the banking group’s shares. According to Tinkov, if at the initial stage of the transaction they were trading at $ 20 per share, then by the end – about $ 40.

The entrepreneur expressed the opinion that Volozh now regrets that the deal did not take place, because in 2020 TCS Group could be bought for a third of the current cost. So, in September last year, when it became known about the deal, the company’s share cost $ 26.45 rubles, on December 2 of this year – $ 100.75.

The merger of Tinkoff Bank and Yandex became known on September 22, 2020. Then the deal was estimated at $ 5.48 billion. On October 16, TCS Group announced its rejection of its decision. Tinkov then explained that the deal did not take place, since they began to position it not as a merger, but as the takeover of a credit institution by an Internet company. Tinkov also added that the bank is no longer for sale.

Managing Director of Yandex Group of Companies Tigran Khudaverdyan, in turn, said that at each stage of negotiations on Yandex’s purchase of Tinkoff Bank, Tinkov set new requirements. According to him, the businessman offered the deal to Yandex himself after he divided the assets with Sberbank.

.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.