The first stage of the transaction to sell the Yandex business to a consortium of investors led by the company’s management has been completed. MKPAO “Yandex” became the parent company of the entire group, its main owner is now the closed mutual fund “Consortium.First”, the company’s press service reported.
Subscribe to RB.RU on Telegram
The Dutch company Yandex NV sold about 68% of MKPAO Yandex shares, another 3.7% belongs to MKPAO subsidiary Yandex.Technologies.
As a result of the transfer of shares, the Dutch company ceased to be a key shareholder of Yandex. Upon completion of the transaction, Yandex NV will completely withdraw from shareholders.
The second stage of the transaction involves the sale of the remaining stake of approximately 28% to Yandex NV. These processes are expected to conclude in July of this year. Under the terms of the agreement, by July 31, Yandex NV must change its name and stop using the Yandex brands.
MKPAO “Yandex” was created specifically for the transaction to separate the company’s Russian and international businesses. The structure is registered in a special administrative region of the Kaliningrad region.
At the beginning of this week, the details and conditions for the conversion and exchange of shares of the Dutch company Yandex NV became known. Holders of shares who purchased them on the Moscow Stock Exchange or the St. Petersburg Stock Exchange will be able to exchange the securities for MKPAO Yandex shares at. a ratio of 1:1.
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.
