Yandex to acquire Tinkoff Bank with $5.5 bln

Russia’s largest technology company, Yandex is set to buy challenger bank Tinkoff in a $5.5 billion deal that would become one of the most high-profile Russian tie-ups in recent corporate history. According to Tinkoff, the two sides “have come to an agreement in principle” on the proposed takeover. Yandex recently ended a joint venture with Sberbank, in financial services — a breakup which freed Yandex to look at alternative business lines in the sphere. Since then its top managers have repeatedly talked up the prospects and potential of entering the financial sector. The company reported profits of $180 million in 2019 on $2.8 billion of revenues.