The sale of Yandex may be completed by the end of the year
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The controlling stake in the Yandex company may be transferred to a consortium of investors, each of whom will receive a share of slightly more than 7%. This is reported by Forbes. According to the publication, management powers of the company’s board of directors may be transferred to the consortium.
When preparing the deal, Yandex was valued at five and a half billion dollars, including a 50% discount. Forbes sources clarify that according to the schedule, the transaction should take place in November.
According to an interlocutor of the publication familiar with the progress of the negotiations, as part of the deal, the Dutch holding Yandex NV will create a Russian subsidiary and sell its share to a group of Russian investors. Almost all of Yandex’s business will be included in the “daughter” of Yandex NV, with the exception of some startups that belong to the Dutch company and are considered favorite projects of the founder of Yandex, Arkady Volozh.
Among the potential buyers, the Forbes interlocutor named VTB Group, businessmen Vladimir Potanin and Ivan Tavryn, Faberlic founder and State Duma deputy from the “New People” party, Alexei Nechaev, among others.
Representatives of Yandex, VTB and the New People party declined to comment. Other likely participants in the transaction did not respond to Forbes’ request at the time of publication.
In August, the founder of “Yandex” Arkady Volozh issued an anti-war statement in which he condemned Russia’s war against Ukraine. The entrepreneur noted that he has been living in Israel since 2014 and is engaged in supporting IT specialists who left Russia after the start of the war. After this publication, Frank Media reported with reference to sources that Yandex NV may not receive 150 million dollars from the Russian “daughter”.
Reuters interlocutors noted that the Russian authorities are not nationalizing “Yandex” due to fear of brain drain from the company. “Meduza” and The Bell wrote that Russian President Vladimir Putin gave his consent to the deal on the Yandex division.
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