Yandex management will become owners of 35% of the company as a result of the corporate restructuring. They will receive the right of veto and their foundation will have the right to appoint two of the ten members of the board of directors.
As follows from the materials, the management will receive 35% of the closed mutual fund “Consortium.First” through FMP. As a result, the structure will become the largest among shareholders.
On February 5, after lengthy negotiations and consideration of various restructuring scenarios, it became known that the Dutch Yandex NV was selling the Yandex business for 475 billion rubles to a consortium of private investors.
At the end of January this year, 99.99% of Yandex LLC was transferred to Yandex MCAO, registered on Oktyabrsky Island. The remaining 0.01% belongs to the International Foundation “Public Interest Fund”.
How shares of closed-end mutual funds will be distributed
- The management structure of the FMP company will receive 35%
- The INFINITY MANAGEMENT structure of the founder of the venture fund LETA Capital Alexander Chachava will receive 25%
- The Argonavt structure, owned by Lukoil, will own 15%
- The IT.Development organization, owned by Pavel Prass, will also receive 15%
- 10% will go to Alexander Ryazanov’s Meridian-Service.
The assets among the shareholders will be distributed in such a way that none of them receives a majority interest. For participants in closed mutual funds, restrictions are established that do not allow the transfer of shares to external investors within a period of one year.
The main transaction for the sale of Yandex NV’s Russian business will take place in two stages.
- First of all, about 68% of the company will be sold for 230 billion rubles. In addition, in the first stage, 67.8 million economic shares of Yandex NV will be sold and the monetary part of the transaction will be paid in Chinese currency. This process is expected to conclude in the next six months.
- After this, the buyer will pay the remaining part in cash and Yandex NV shares.
As a result of the restructuring, the company will retain the businesses, assets and services of the entire group, with the exception of the startups Nebius (based in Israel), Toloka, Avride and TripleTen. Additionally, the company will not maintain a data center in Finland.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
