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BRIEF-Russia's Yandex says Sberbank to invest about $500 mln into Yandex.market
August 9, 2017 / 7:13 AM / 4 months ago

BRIEF-Russia's Yandex says Sberbank to invest about $500 mln into Yandex.market

Aug 9 (Reuters) - Yandex

* Yandex and Sberbank join forces to boost ecommerce development

* Russia’s Yandex says Sberbank to invest 30 billion roubles (approximately $500m) into yandex.market

* Non-Binding term sheet provides that sberbank would invest 30 billion rubles into Yandex

* Russia’s Yandex says two partners will own equal stakes in joint venture

* Yandex.market will continue to operate under current management team

* Market, valuing it at 60 billion rubles (about $1b) on a post-money basis, before taking into account any potential future synergies

* Russia’s Yandex says parties anticipate that transaction will close by end of 2017

* Up to ten percent of company’s shares will be allocated for an equity incentive pool for Yandex.market management and employees.

* Yandex.market will continue to operate under current management team led by maxim grishakov Source text for Eikon: Further company coverage:

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