Russia's TCS Group says Tinkoff sale to Yandex now off

Credit: REUTERS/SHAMIL ZHUMATOV

Russian bank TCS Group Holding on Friday said it had terminated discussions over a possible $5.48 billion sale of its online bank Tinkoff to internet giant Yandex. [nL5N2GJ5FT]

MOSCOW, Oct 16 (Reuters) - Russian bank TCS Group Holding TCSq.L on Friday said it had terminated discussions over a possible $5.48 billion sale of its online bank Tinkoff to internet giant Yandex YNDX.O.

TCS said the two parties had agreed not to proceed with the cash-and-shares transaction and terminated negotiations immediately, adding that Tinkoff looked forward to partnering Yandex on current and future projects.

Tinkoff said it intended to develop independently and was not negotiating with any parties over its sale, the Interfax news agency cited a company representative as saying.

(Reporting by Anton Kolodyazhnyy Writing by Alexander Marrow Editing by David Goodman )

((alexander.marrow@thomsonreuters.com; +7 495 775 1242;))

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