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    TCS   US87238U2033

TCS GROUP HOLDING PLC

(TCS)
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Delayed Quote. Delayed London Stock Exchange - 05/17 11:35:19 am
61.52 USD   -1.73%
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05/11TCS Group Holding PLC reports record quarterly -3-
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05/11TCS Group Holding PLC reports record quarterly -2-
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Russia's Yandex in talks to buy online bank Tinkoff for $5.5 billion

09/22/2020 | 09:51pm EDT
FILE PHOTO: The logo of Tinkoff Bank

Russian bank TCS Group Holding is in talks to sell its online bank Tinkoff to Russian internet group Yandex for $5.48 billion (£4.30 billion), the two companies said on Tuesday.

The idea was first publicly floated last year when Oleg Tinkov, founder of Russia's TCS group, suggested https://uk.reuters.com/article/idUKL8N23E2JS to Yandex's chief executive that they combine his bank with Yandex, known as Russia's answer to Google.

"The parties have come to an agreement in principle on a transaction that would consist of cash and share consideration worth approximately $5.48 billion or $27.64 per Tinkoff share," Yandex said.

The price represents an 8% premium to Tinkoff's GDR price as of Sept. 21. One half of the deal is expected to be paid in cash and another half with Yandex shares, a banking source and a source familiar with the matter, told Reuters.

Tinkoff is the world's largest bank that is fully online, with more than 10 million customers across Russia.

Its founder, Tinkov has been battling acute leukaemia and had a bone marrow transplant in July. He stepped down as board chairman of the bank to focus on his health and transferred his TCS shares to a Tinkov family trust in the spring.

Tinkov, who is in London to see his doctor, told Reuters by phone that he would stay with the company after its merger with Yandex.

However, he also said he had already achieved all he wanted on the financial market and it was time to do something else, such as create a charity foundation to combat leukaemia.

The possible deal was announced a few months after Yandex said it was terminating its partnership with Sberbank, which opened the door for Yandex to compete with the country's largest bank.

The deal will give Yandex potential synergies in data and products, but also exposes it to banking risks, which means it is crucial to retain the TCS management team, Maria Sukhanova, an analyst at BCS brokerage, said.

Sukhanova said Yandex would have to take on more debt or issue new shares to pay for the deal.

(Reporting by Tatiana Voronova, Alexander Marrow and Nadezhda Tsydenova; Writing by Andrey Ostroukh and Polina Devitt; Editing by David Goodman/David Evans/Tom Brown/Jane Merriman)

By Polina Devitt and Tatiana Voronova


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.46% 2288.92 Delayed Quote.30.00%
SBERBANK -1.09% 302.7 End-of-day quote.11.66%
TCS GROUP HOLDING PLC -1.73% 61.52 Delayed Quote.86.99%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.05% 73.8259 Delayed Quote.0.40%
YANDEX N.V. 0.38% 63.67 Delayed Quote.-8.49%
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Financials (USD)
Sales 2021 1 732 M - -
Net income 2021 758 M - -
Net Debt 2021 - - -
P/E ratio 2021 16,0x
Yield 2021 0,06%
Capitalization 12 151 M 12 151 M -
Capi. / Sales 2021 7,01x
Capi. / Sales 2022 6,38x
Nbr of Employees 25 970
Free-Float 78,0%
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Technical analysis trends TCS GROUP HOLDING PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 56,00 $
Last Close Price 61,52 $
Spread / Highest target 30,0%
Spread / Average Target -8,97%
Spread / Lowest Target -51,2%
EPS Revisions
Managers and Directors
NameTitle
Constantinos Economides Chairman
Jacques der Megredichyan Independent Non-Executive Director
Martin Robert Cocker Independent Non-Executive Director
Ashley Dunster Independent Non-Executive Director
Masha Gordon Independent Non-Executive Director
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