Yandex’s $5.5 Billion Deal for TCS Collapses as Tinkov Balks
- Tinkov rejected deal as more an acquisition than a merger
- Sberbank is ‘clear winner’ from deal’s failure, analyst says
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Russian internet firm Yandex NV’s deal to buy the country’s largest online lender TCS Group Holding Plc collapsed as the bank’s founder balked during negotiations.
Yandex said last month it reached a preliminary agreement to buy 100% of Tinkoff Bank’s parent company for $5.5 billion in cash and shares. On Friday, Yandex and TCS said in separate statements that the talks were terminated.