Yandex NV sells the Yandex business for 475 billion rubles to a consortium of private investors. The Dutch holding company will also cease to be the group’s parent company and, before July 31, 2024, will change its name and stop using the Yandex brands. This was reported to RB.RU by the company’s press service.
As of January 22, 2024, 99.99% of Yandex LLC, instead of the Dutch Yandex NV, is owned by the international company Yandex JSC. The remaining 0.01% belongs to the International Foundation “Public Interest Fund”. MCAO “Yandex” was founded on December 27, 2023. The structure received registration in a special administrative region on Oktyabrsky Island, on the so-called Russian coast.
The company’s shares will be traded on the Moscow Stock Exchange. Artem Savinovsky will remain CEO of Yandex. The company will retain the businesses, services and assets of the Yandex NV group, with the exception of foreign startups Nebius, Toloka, Avride and TripleTen, and a data center in Finland. Yandex will provide Yandex NV with limited rights to use part of its technologies until the end of 2024.
The company does not reveal which of its managers joined the closed mutual fund consortium. First, but they will lead it. Up to 50 people are expected to participate.
In addition to them, the consortium has four more shareholders: the Infinity Management structure of the founder of the Leta Capital VC fund and owner of My.Games Alexander Chachava, IT.Elaboration JSC of the general director of the Infinitum depository Pavel Prass, the Argonaut fund of the Lukoil group and the company Meridian-Servis of businesswoman Alexandra Ryazanova. None of the shareholders has a majority stake.
A “Managers Fund” has also been created. You will receive special rights and veto rights when making decisions on special issues at the board of directors and at the general meeting of shareholders. For example, a significant reorganization of the group, the budget, the approval of major transactions and changes to the statutes.
The sale operation will take place in two closings. The first, according to the company’s own forecasts, will be completed in the first half of this year, the second, approximately seven weeks later.
Author:
Karina Pardaeva
Source: RB
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