Why Yandex Stock Soared Today

Evan Niu, CFA, The Motley Fool

22 September 2020 at 4:55 pm·2-min read

Shares of Yandex (NASDAQ: YNDX) soared 12% today after the search engine specialist confirmed that it is in talks to acquire Tinkoff Bank. 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 acquisition has not been finalized and Yandex warns that there is uncertainty regarding whether a firm offer will be made or what the final terms might be.

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