Russia’s ‘Google’ Yandex joins super-app race with $5.5 billion offer for online bank Tinkoff

Shares in TCS Group Holdings rose almost 7% on Wednesday, after the Russian bank said it is in talks to sell its online bank Tinkoff to Russian technology giant Yandex for almost $5.5 billion.

The two companies said late on Tuesday they had come to an agreement in principle on a cash-and-shares offer that would value London-listed Tinkoff at $5.48 billion, or $27.64 a share. The offer represents an 8% premium over Tinkoff’s closing share price on Sept. 21.

Yandex
YNDX,
-1.90%

 stock, which is listed on Nasdaq, was set to rise for a second day running, with shares up almost 4% in premarket trading. The shares soared 12% on Tuesday after the talks were disclosed.

Shares in Tinkoff’s parent company TCS Group Holdings
TCS,
+6.15%

 rose 6.92% in London trading on Wednesday.

The proposed deal, which still needs to be completed, will reshape Russia’s banking and tech sectors, and

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