“Yandex” Shifts its Headquarter to a Russian Company

Yandex Transfers Control of Russian Assets from Netherlands to Russian Private Consortium

The Public Joint Stock Company (PJSC) “Yandex” has officially completed the first stage of its plan to transfer Russian assets from the Netherlands’ Yandex N.V. to a Russian consortium of private investors, led by Yandex managers. As a result, PJSC “Yandex” has become the new parent company for the group, while ZPIF “Consortium. First” emerged as its primary owner.

Details on the Asset Transfer

In the first stage of the transfer, Yandex N.V. sold roughly 68% of PJSC ‘Yandex’s shares, with another 3.7% owned by LLC ‘Yandex. Technologies’, an entity under the same PJSC “Yandex.” The remaining shares—which amount to about 28%—will be sold during the second stage of the deal, at which point Yandex N.V. will relinquish all controlling stake in PJSC “Yandex”. The deal is slated to close in July 2024, following which the Dutch company will change its name and cease the use of Yandex trademarks.

Leadership and Future Prospects

A team of Yandex managers helmed by CEO Artem Savinovsky will assume leadership of PJSC “Yandex”. The company will retain all Yandex N.V. assets aside from the overseas projects Nebius, Toloko, Avride, and TripleTen, along with a data center in Finland. Trading of shares under the ticker YDEX will commence on the Moscow Exchange on July 10, coinciding with Yandex N.V’s withdrawal.

Second Stage of the Deal

Yandex N.V. anticipates the deal’s second stage to close within seven weeks of the completion of the initial. This suggests conclusion by early to mid-July. As the deal concludes, Yandex N.V. will sell its remaining shares in “Yandex”. They will be compensated through a combination of up to 108 million Class A Yandex N.V. shares, with any surplus paid out in Chinese yuan outside Russia. Following the second stage’s completion, Yandex N.V. will hold no stake in Russian businesses.