IJSC Yandex, registered in Kaliningrad at the end of 2023, will become the new parent company of Yandex, the company said in a statement.
The completion of the transaction for the sale of the Yandex business will be implemented in two deals, the first – in the first half of 2024, the second – seven weeks later. Payment for the transaction will be made in yuan, the company said in a statement.
“The sales transaction will be implemented in two transactions. In the first closing, [Yandex NV] will sell a controlling interest in the target company of approximately 68% to the buyer in exchange for a combination of a cash equivalent of RUB 230 billion and... up to 67.8 million YNV Class A shares. The first closing is subject to certain conditions precedent, including receipt of required regulatory approvals and the approval of our shareholders and the absence of any applicable sanctions or prohibitions to the closing. We expect the first closing to occur in the first half of 2024. In the second closing, the buyer will pay for the remaining interest in the target company in a combination of YNV Class A shares and cash. The second closing will occur within approximately seven weeks of the first closing,” the statement said.
The price of Yandex shares on the Moscow Stock Exchange fell more than 9% on Monday after it was announced that Yandex NV had sold the company to a consortium of private investors for 475 billion rubles ($5.22 billion). .