Russian technology giant Yandex has called off its $5.5 billion takeover of digital bank Tinkoff after failing to agree terms.
Last month, Yandex – often called Russia’s Google – made an audacious play to dive into the financial services market, agreeing in principle to buy the country’s biggest challenger bank for $5.48 billion in cash and shares.
However, the two firms now says that they have not been able to agree definitive terms. Tinkoff says it “looks forward to continuing to partner with Yandex on current and future projects”.
Yandex made the initial move for Tinkoff after a wide-ranging joint venture with state-owned Sberbank ended.