The only structure through which a group of investors can buy the Russian company Yandex NV will probably be a closed-end mutual fund (closed-end mutual fund), writes Forbes citing sources.
According to the publication, potential investors can also use a mutual fund or other investment company to buy Yandex’s Russian business from the Dutch Yandex NV, but it will most likely be a closed-end mutual fund.
It was previously reported that a group of investors, which may include, in particular, the businessman, the founder of Kismet Capital Ivan Tavrin and the owner of Interros Vladimir Potanin, discussed the purchase of Yandex through a unique structure that ” will represent all sanctioned and non-sanctioned investors.”
A Forbes source in the investment community considers using closed-end mutual funds in a deal with Yandex an option with a 50/50 chance. In his words, in the first stage not all buyers will be publicly known.
Yandex declined to comment on the possibility of using closed-end mutual funds for investors to buy a Russian business from an Internet company.
Updated at 15:45 Moscow time: A representative of Kismet denies having participated in negotiations regarding investments in Yandex. “Neither Ivan Tavrin nor Kismet are negotiating entry into the capital of Yandex and they do not own a single share of this company,” Kismet told RB.RU.
- Yandex is undergoing a corporate restructuring process from 2022, which aims to sell all of its core businesses, including Russian companies.
- In mid-November it became known about the plans of the Dutch company Yandex NV to sell its entire Russian business, without limiting itself to a majority stake. According to Reuters sources, the deal could be worth “between $5 billion and $6.18 billion,” taking into account a 50% discount on the sale of foreign assets.
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