$5.5 Billion Purchase from Yandex

$5.5 Billion purchase from Yandex. Russia-based multinational technology firm Yandex, of which Arkadi Voloj is one of its founding partners, is taking over Tinkoff, one of the leading banks in the country. The first statement on the subject came from Tinkoff. In the written statement made by the bank, it was stated that an agreement was reached in principle with Yandex on the purchase of all rights of the bank with 5.5 billion dollars. The stock is worth $ 27.64 each.   It’s a Merger, Not a Sale Tinkoff's founder, Oleg Tinkov, shared a post on his Instagram account. [embed]https://www.instagram.com/p/CFeKbLEBuC8/?utm_source=ig_web_copy_link[/embed] Emphasizing that this is not a sale, but a merger in his post, Tinkov said, "Together with Yandex, we are the largest technology companies in the country and this will create a great synergy." The news regarding the deal enabled Yandex to gain value in the markets. The company's shares, which gained 8.5 percent in the Moscow stock exchange, also rose on the NASDAQ stock exchange.