Tinkoff scraps $5.5 billion deal with Yandex, shares plunge

The proposed megamerger between Russia’s leading technology company Yandex and fast-growing challenger bank Tinkoff has been scrapped.

In an announcement to the London Stock Exchange — where Tinkoff’s holding company TCS is listed — the bank said negotiations between the two sides had been “terminated, effective immediately.”

Yandex and Tinkoff previously announced they had reached an “agreement in principle” for the tech giant to take over the bank in a $5.5 billion cash-and-shares deal.

Shares in both companies plunged Friday morning. Tinkoff lost more than 6% while Yandex dropped back by almost 4%.

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