MOSCOW (Reuters) – Cyprus-based TCS Group Holding, whose main asset is Tinkoff Bank, announced that it is in talks with Yandex (MCX: YNDX) to sell 100% of its shares. Possible deal size – $ 5.48 billion.
The parties have come to an agreement in principle on a possible deal, the message says: Yandex will be able to pay for the purchase of the holding's shares both in cash and in its own shares.
Payment for stakes in TCS Group will take place in cash and shares “in a proportion of about 50-50,” a source in one of the banks told Reuters.
TCS Group Holding said that the size of the possible deal corresponds to $ 27.64 per share, which corresponds to a premium to the weighted average quotations of the company's GDR for the three months ended September 21, of 16.9%.
The final terms of the deal will depend on the results of due diligence, both parties said in a statement.
The press services of Tinkoff and Yandex declined to comment further.
In May 2019, during a session of the St. Petersburg Economic Forum, the founder and main owner of TCS Group, Oleg Tinkov, publicly offered Arkady Volozh to combine assets. After that, Tinkov faced two serious tests at once: leukemia and tax claims from US regulators.
In March, the US Department of Justice accused Tinkov of hiding $ 1 billion in assets in the process of renouncing US citizenship in 2013, as well as profits from the sale of a stake in a bank during an IPO.