A Yandex representative declined to comment,
Posted: Wed Jan 22, 2025 4:05 am
e subcommittee of the government commission for control over foreign investment in Russia has approved a group of transactions for the acquisition by a Russian group of investors of 96.3% of the shares of Yandex International Joint-Stock Company from the Dutch company Yandex NV
Two sources familiar with the progress of the deal's discussions told Vedomosti about this. One of them specified that 3.7% already belong to the Russian Yandex.
referring questions to the belarus whatsapp number database Consortium.First mutual fund, which will become the new owner of the Russian Yandex. The representative of the mutual fund declined to comment. A representative of the office of Deputy Prime Minister Dmitry Chernyshenko (who oversees the IT industry) said that the Deputy Prime Minister did not take part in the meeting of this commission. Vedomosti sent inquiries to the Ministry of Digital Development and the government.
Yandex NV announced in early February that it had agreed to sell its Russian business. Under the terms of the deal, Yandex MCAO will become the new parent company of Yandex: it should receive 99.999% of Yandex LLC, while the remaining 0.001% will belong to the Public Interest Foundation. MCAO itself was registered in December 2023 in a special administrative district in the Kaliningrad region on Oktyabrsky Island. Yandex NV was listed as the founder of MCAO.
The main owner of MKAO after the deal will be the closed-end mutual fund "Consortium.First" headed by the company's managers. Yandex NV materials stated that Yandex's top management will receive a 35% stake in the closed-end mutual fund through the FMP company and will become the largest shareholder. The shares in the closed-end mutual fund will be distributed among five structures: 35% - FMP, 25% - Infinity Management (Leta Capital founder Alexander Chachava), 15% - Argonaut (Lukoil), 15% - IT.Razvitie (Pavel Prass) and 10% - Meridian-Service (Alexander Ryazanov).
The transaction materials also stated that the shareholders' approval of its terms is only the first stage, after which the transaction must be approved by the government commission on foreign investment, the Russian president, the FAS and the Central Bank. This procedure was established by Vladimir Putin's decree of September 8, 2022, No. 618 "On a special procedure for implementing (executing) certain types of transactions (operations) between certain persons," recalled Sergei Uchitel, a partner at the Pen & Paper law firm. This decree defined a special procedure for implementing transactions between residents and foreign persons associated with unfriendly states.
Two sources familiar with the progress of the deal's discussions told Vedomosti about this. One of them specified that 3.7% already belong to the Russian Yandex.
referring questions to the belarus whatsapp number database Consortium.First mutual fund, which will become the new owner of the Russian Yandex. The representative of the mutual fund declined to comment. A representative of the office of Deputy Prime Minister Dmitry Chernyshenko (who oversees the IT industry) said that the Deputy Prime Minister did not take part in the meeting of this commission. Vedomosti sent inquiries to the Ministry of Digital Development and the government.
Yandex NV announced in early February that it had agreed to sell its Russian business. Under the terms of the deal, Yandex MCAO will become the new parent company of Yandex: it should receive 99.999% of Yandex LLC, while the remaining 0.001% will belong to the Public Interest Foundation. MCAO itself was registered in December 2023 in a special administrative district in the Kaliningrad region on Oktyabrsky Island. Yandex NV was listed as the founder of MCAO.
The main owner of MKAO after the deal will be the closed-end mutual fund "Consortium.First" headed by the company's managers. Yandex NV materials stated that Yandex's top management will receive a 35% stake in the closed-end mutual fund through the FMP company and will become the largest shareholder. The shares in the closed-end mutual fund will be distributed among five structures: 35% - FMP, 25% - Infinity Management (Leta Capital founder Alexander Chachava), 15% - Argonaut (Lukoil), 15% - IT.Razvitie (Pavel Prass) and 10% - Meridian-Service (Alexander Ryazanov).
The transaction materials also stated that the shareholders' approval of its terms is only the first stage, after which the transaction must be approved by the government commission on foreign investment, the Russian president, the FAS and the Central Bank. This procedure was established by Vladimir Putin's decree of September 8, 2022, No. 618 "On a special procedure for implementing (executing) certain types of transactions (operations) between certain persons," recalled Sergei Uchitel, a partner at the Pen & Paper law firm. This decree defined a special procedure for implementing transactions between residents and foreign persons associated with unfriendly states.