Yandex shares reacted negatively to the news of the business division agreement. At the opening of trading on the Moscow Stock Exchange, the securities lost 9.27% of their value, down to 2,870 rubles. Previously, according to the expectations of the business division, quotes increased by 20% in a week and a half.
On the morning of February 5, the Dutch company Yandex NV announced that it would sell its Yandex business for 475 billion rubles to a consortium of private investors. The new parent company of the holding company, instead of Yandex NV, will be the Russian MKAO Yandex.
The main owner of this structure will be the closed mutual fund “Consortium.First”, which brings together the company’s directors and several investors. The full makeup of the shareholders of this closed-end mutual fund is not disclosed, but none of them are in control. Yandex managers will retain management of the company and the right to make key decisions through a specially created “Managers Fund”.
Yandex NV itself will leave the Moscow Stock Exchange, and Yandex MCAO will place its securities on the trading platform. After Yandex NV shareholders and regulators approve the transaction for the sale of Russian assets, the closed mutual fund Consortium.First will offer holders of class A shares of the Dutch company (these securities are traded on the Moscow Stock Exchange ) “several options” for retail investors to become shareholders of MKAO after its entry into the Moscow Stock Exchange.
The company did not specify what “options” will be offered.
Yandex NV will allocate part of the funds obtained from the sale of Russian assets to the development of international businesses.
Author:
Anastasia Marina
Source: RB
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