The largest buyer of Russian assets of Yandex (MOEX: YNDX) will become the management structure – it will receive 35% of the shares. The “golden share” of Yandex will be owned by the Public Interest Fund and the Managers Fund. This is stated in documents for shareholder voting on business restructuring.
As a result of the restructuring, the Dutch company Yandex NV will not be able to create and develop similar services for 5 years around the world. The exception will be the allocated foreign startups Avride, Toloka, Nebius and TripleTen – they can be developed everywhere except Russia and Belarus. Voting on the sale of Russian assets will take place on March 7.
On February 5, the parent company of Yandex, Yandex NV, announced the sale of the business to a consortium of private investors for 475 billion rubles. The main owner will be the closed mutual fund Consortium. First” led by Yandex managers.
Yandex will retain the services and assets of Yandex NV, excluding foreign startups Nebius, Toloka, Avride and TripleTen and a data center in Finland. The Russian Yandex will retain the rights to all technologies. Yandex NV will receive limited rights to use some of the technologies until the end of 2024.
Read more about the deal in the material “Stock Finder”.