The Dutch company Yandex N.V. has entered into an agreement to sell Yandex's business for 475 billion rubles (taking into account a discount of at least 50% of the market value in accordance with the requirements of the subcommittee of the Governmental Commission for Control over Foreign Investments, - editor's note.)
The buyers are a consortium of private investors from Russia, and the main owner of the new parent company of the Yandex group will be ZPIF "Consortium.First", headed by the group's managers
The sale of the business must now be approved by Yandex N.V. shareholders and regulatory authorities. After that, Yandex N.V. will cease to be the parent company of the group. By July 31, it will change its name and will not be able to use the Yandex brands, but it will be able to use some of the technologies of its former property in Russia until the end of 2024.
"Yandex" will retain the businesses, services and assets of the Yandex N.V. group, with the exception of foreign startups (Nebius, Toloka, Avride and TripleTen) and a data center in Finland. "Yandex" will grant Yandex N.V. limited rights to use some of its technologies until the end of 2024. "Yandex" will continue to develop search, city, entertainment and educational services, as well as cloud technologies, autonomous vehicles, artificial intelligence technologies and other promising areas.
The new parent company of "Yandex" will be the International Company Joint Stock Company (ICJSC) "YANDEX" - a private and independent company whose shares will be traded on the Moscow Exchange. Artyom Savinovsky will remain the CEO of "Yandex". It is expected that the new structure "will maintain the usual management processes in "Yandex" and provide investors, partners, users and employees with confidence in the prospects and sustainability of the company's business".
The Yandex management team will retain control of the company and the right to make key decisions. To this end, a "Managers' Fund" has been created, which will receive special rights and veto power when making decisions on special issues at the Board of Directors and the general meeting of shareholders. These issues include a significant reorganization of the group, approval of the budget, approval of major transactions and changes to the Charter. The "Managers' Fund" will be able to nominate two of the ten members of the future Board of Directors of ICJSC "Yandex".
The ICJSC "Yandex" consortium assumes that none of the unit holders has a controlling stake. It will consist of:
- ZPIF "Consortium.First" headed by the managers of "Yandex". It will be able to nominate six of the ten members of the Board of Directors of ICJSC "Yandex";
- structures of Alexander Chachava, entrepreneur and founder of the venture fund LETA Capital;
- structures of Pavel Prass, CEO of one of the largest specialized depositories "INFINITUM";
- structures of the "LUKOIL" group;
- structures of Alexander Ryazanov, a diversified investor and entrepreneur.
After approval by the shareholders of Yandex N.V. and receipt of all regulatory approvals, ZPIF may offer holders of Class A shares various options for their positions in securities. This may allow retail investors to become shareholders of ICJSC "Yandex" after the company enters the Moscow Exchange.
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