Sayenko Kharenko – legal counsel on obtaining merger clearance for the acquisition of Yandex.Money

Sayenko Kharenko’s antitrust team has provided legal assistance in obtaining merger clearance with the Antimonopoly Committee of Ukraine (the “AMC“) for the USD 60 million acquisition of shares of Yandex.Money from its current shareholder Yandex N.V. (the Hague, the Netherlands) by OJSC “Sberbank of Russia”.

Upon the completion of concentration, OJSC “Sberbank of Russia” will hold 75% – 1 RUB share in Yandex.Money, while Yandex N.V. will retain certain blocking rights with respect to Yandex.Money after the acquisition. As the result of the contemplated concentration, OJSC “Sberbank of Russia” and Yandex N.V. will exercise joint control over Yandex.Money.

The Sberbank Group is a banking and financial institutions group, which provides a wide range of financial services to individuals and undertakings, as well as large multinational companies. OJSC “Sberbank of Russia” has 538 branches in the Russian Federation and one in India.

Yandex.Money is a payment system, created in 2002, providing remote payment for goods, works, services as well as transfers between individuals through the Internet.

After examining the proposed transaction, the AMC has concluded that its implementation neither poses threat to competition nor significantly limits competition on any product market in Ukraine.

Sayenko Kharenko’s antitrust team for the current transaction included partner Vladimir Sayenko, counsel Dmitry Taranyk, senior associate Maksym Nazarenko, and associate Julia Kuyda.

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