Yandex reviewing options for restructuring ownership in JVs with Sberbank
Yandex is reviewing options for restructuring its ownership in joint ventures with Sberbank, the technology company's press service told Interfax.
Citing sources, The Bell Russian-language online publication and newsletter had previously reported that Yandex and Sberbank would in the near future announce an end to their partnership in two joint ventures, Yandex.Money and Yandex.Market. The publication reported that Yandex would take over the JV in the field of e-commerce, while Sberbank, in turn, would buy 25% of Yandex.Money from Yandex.
Meanwhile, Yandex plans to place up to 5% of its Class A shares on the market, and VTB (MOEX: VTBR) and Millhouse Capital could participate in the acquisition of shares, The Bell's sources confirmed.
"Sberbank does not comment on market rumors," a Sberbank representative told Interfax.
John Mann, a representative of Millhouse Capital, which manages assets of Roman Abramovich, also declined to comment to Interfax on this information.
Rumors that Yandex and Sberbank intend to end their partnership have been circulating since 2018; however, the two parties have repeatedly denied this information.