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Sberbank and Yandex Complete Deal for Yandex.Market Joint Venture

Apr 27, 2018 - GlobeNewswire
Board and Executive Moves

MOSCOW, April 27, 2018 (GLOBE NEWSWIRE) -- Sberbank and Yandex today announced that they have completed the formation of a joint venture based on the Yandex.Market platform. The companies intend to combine the technological capabilities of Yandex and the infrastructure and technologies of Sberbank to develop a leading B2C eCommerce ecosystem.

At closing, the company is valued at 60 billion rubles (approximately $1.0 bln). The two partners will own equal stakes in the company. Sberbank in...