Shares of Yandex (NASDAQ: YNDX) soared 12% today after the search engine specialist confirmed that it is in talks to acquire Tinkoff Bank. The two companies have been discussing a possible combination for over a year.
Yandex and Tinkoff parent TCS Group have tentatively agreed "in principle" to a deal in which the Russian search engine and ride-hailing platform would acquire 100% of Tinkoff shares in a cash-and-stock transaction valuing the online bank at $27.64 per share, based on Yandex's closing price yesterday. The total deal would be worth nearly $5.5 billion.
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Source Fool.com