Benzinga | Jul 23, 2020 05:34AM EDT

Yandex and Sberbank Complete the Reorganization of Yandex.Market and Yandex.Money

Yandex (NASDAQ:YNDX) and Sberbank announced that they have completed the reorganization of their Joint Ventures Yandex.Market and Yandex.Money.

Yandex now owns 100% of Yandex.Market, with an equity incentive pool set aside for Yandex.Market management. In addition, Yandex has exited the Yandex.Money Joint Venture. As a result, any financial services non-compete obligations between Yandex and Sberbank are now terminated.

A net cash consideration of RUB 39.6 billion has been transferred by Yandex to Sberbank.

Yandex and Sberbank will each continue to provide certain transition services to Yandex.Money and Yandex.Market, respectively, for an agreed period of time. The price comparison and marketplace services of Yandex.Market will continue to operate without any changes for users or our merchant partners.

As a wholly owned subsidiary of Yandex NV, Yandex.Market will be consolidated in Yandex NV's financial results as of today. The changes will be reflected in Yandex's third quarter financial results.