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Russia's Yandex in talks to buy online bank Tinkoff for $5.5 bln

Credit: REUTERS/SHAMIL ZHUMATOV

Russian bank TCS Group Holding, parent company of online bank Tinkoff, said on Tuesday that it was in talks to sell Tinkoff to Russian Internet giant Yandex for $5.48 billion, or $27.64 per Tinkoff share.

MOSCOW, Sept 22 (Reuters) - Russian bank TCS Group Holding TCSq.L, TCSGDR.MM, parent company of online bank Tinkoff, said on Tuesday that it was in talks to sell Tinkoff to Russian Internet giant Yandex YNDX.O for $5.48 billion, or $27.64 per Tinkoff share.

The deal will be a cash and shares transaction, TCS said in a statement, adding that the announcement was made by Tinkoff with the agreement and approval of Yandex.

(Reporting by Polina Devitt Editing by David Goodman )

((Polina.Devitt@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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