Russian tech giant Yandex has announced that they have completed the reorganization of their joint venture Yandex.Market and Yandex.Money with Sberbank.
In a filing with the regulatory, Yandex said, “The company will now own 100% equity shares of Yandex.Market, with an equity incentive pool set aside for Yandex.Market management.”
“Besides this, Yandex has exited the Yandex.Money joint venture. As a result, any financial services non-complete obligations between Yandex and Sberbank are now terminated,” the filing added.
Speaking on the development, the company said, “Yandex has transferred a net cash consideration of RUB 39.6 billion to Sberbank.”
“Yandex and Sberbank will each continue to provide certain transition services to Yandex.Money and Yandex.Market, respectively, for an agreed period. The price comparison and marketplace services of Yandex.Market will continue to operate without any changes for users or our merchant partners,” the company in the statement added.
“As a wholly-owned subsidiary of Yandex NV, Yandex.Market will be consolidated in Yandex NV’s financial results as of today. The changes will be reflected in Yandex’s third-quarter financial results,” it added.