Sberbank and Yandex to launch a JV - Information portal

Sberbank and Yandex to launch a JV

(votes: 1, rating: 5)

14.08.2017 Количество просмотров 111 views
Screen_Shot_2017_08_09_at_10.38.49_AM_0.pngIt will operate from Yandex.Market’s base.

Marrying infrastructure with technology, the two companies will work to develop an e-commerce ecosystem for goods sales and purchases (including digital) and for the related products and services.

Under the contract Sberbank will have to invest RUB 30bn in Yandex.Market. At the time of the deal, the partners evaluated the enterprise they will own 50/50 at RUB 60bn, plus synergies that will come along, and intend to allocate up to ten percent of shares to an option fund for Yandex.Market employees.

Yandex.Market will continue to operate under the current management headed by Maxim Grishakov who will be co-opted in Yandex.Market’s board of directors alongside three more representatives from Yandex and three from Sberbank. 

«It gives our users a lot of new opportunities. With Sberbank’s well-developed financial and payment infrastructure, payments at Yandex.Market will become easier and more secure. On the other hand, Yandex.Market will be able to offer new services, for example, buying on credit. In addition, Sberbank's investments will strengthen Yandex.Market's market positions for the benefit of its partners. In particular, they will bring additional resources to support our new business lines, such as logistics, our ‘Order from Market’ programme and cooperation with stores abroad», said Head of Yandex.Market Maxim Grishakov.

«Sberbank's involvement in establishing a lead player in e-commerce is crucial for both the development of Sberbank’s digital ecosystem and for the national economy as a whole. Our partnership opens up new opportunities for Russian companies, e-commerce market players, small and medium businesses, helping boost Russian exports and create new opportunities for foreign market players. We have a successful track record of cooperation with Yandex in a variety of sectors and are pleased to expand partnership in a new strategic direction», said Herman Gref, Sberbank’s CEO.

«We set to work on developing e-commerce services at the time when we were just making our first steps towards a search engine. Over these 17 years, Yandex.Market has changed the way we select products online. But having information about the product alone is not enough today – you have to cut the time between selection and receipt down to a minimum. The market is changing, we are at the very midst of a big change and we hope that our joint efforts will bring about multiple growth for Yandex.Market», said Yandex Group CEO Arkady Volozh

Yandex.Market is one of the major players on Russia’s e-commerce market, with a turnover of RUB 100bn (2016). Visited monthly by more than 20m people, Yandex.Market is a platform for around 20,000 Russian and foreign online stores to offer products and reach new customers. The total number of products offered at Yandex.Market exceeds 150m.

Today the parties signed non-binding documentation to establish a joint venture. The deal will be closed as soon as binding documents are signed, a comprehensive investment audit of Yandex.Market completed and the relevant regulatory approvals obtained. The parties expect to close the deal before the end of 2017.

A comment from Alexander Dubrovin, Marketing Director at PNK Group:

«The emergence of an e-commerce player of that calibre ideally fits the current trend for market consolidation that set in several years ago. As developers of industrial facilities we assume that the new JV will require world-class logistics infrastructure. This will give a new momentum to the development of the rapidly growing warehouse property market».

Source:  kommersant.ru


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