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Tinkov expressed his opinion on the reasons for the failure of the transaction with Yandex

The founder of Tinkoff Bank and entrepreneur Oleg Tinkov attributed the growth of the group's shares and the position of the company's management to the reasons for the failure of the TCS Group deal with Yandex. According to the businessman, Yandex's management got scared of his arrival and "chatted" Arkady Volozh, the co-founder of the company, so as not to buy the bank. He spoke about this in a documentary film about Tinkoff Bank "He is the only one," which premiered on December 1.

According to Tinkov, he negotiated the deal within a month:

“Here I lay with the phone for a month and made this deal with Greg Abovsky, Tigran Khudaverdyan and Arkady”

Oleg Tinkov was diagnosed with leukemia, with which he has been fighting since October 2019, but about this became known to the public only in March 2020.

Despite the illness, Tinkov continued to work on the deal:

“What went wrong: firstly, I was sick and stocks rose wildly in price. We started a deal at a price there like $ 20, and when we finished it, it was $ 40 there, I don’t remember. ”

The entrepreneur believes that the deal between Yandex and Tinkoff Bank would form a new“ national champion ”, and Tinkov himself would only be a business consultant without control over the created structure. According to him, Yandex management was scared of this approach, the businessman's charisma, and therefore explained to Arkady Volozh that Oleg Tinkov was not needed. The entrepreneur goes on to comment as follows:

“No, wait, and if you don’t want me to be involved in any way, then this is just a purchase. Then more money and more money at once. ”

According to the businessman, Volozh now regrets the failure of the deal, because last year the price of TCS Group was one third of the current value. So in September 2020, TCS Group shares were traded at $ 26.45, and in December 2021 at $ 100.75. A possible deal with Yandex was announced on September 22, 2020. The acquisition of the total share capital of TCS Group was $ 5.48 billion, but part of the amount would have been financed by Yandex shares. According to various estimates, the potential of the new structure would have amounted to $ 30 billion.

Upon request, the press service of Yandex refused to comment on the businessman's statements.

Tinkov expressed his opinion on the reasons for the failure of the transaction with Yandex