A government commission subcommittee overseeing foreign investments in Russia approved a deal in which a Russian investor group would acquire 96.3% of MKAO Yandex shares from the Dutch firm Yandex NV. This move was reported by Vedomosti, citing two people familiar with the talks on the transaction.
The sources say the commission sanctioned a deal value of 457.3 billion rubles. This figure is 17.7 billion rubles lower than the amount announced in early February, when Yandex disclosed a value of 475 billion rubles for the transfer. One source noted that the remaining 3.7% stake would stay with the Russian affiliate Yandex itself.
As part of February restructuring, Yandex NV will relinquish its rights in Russia and will not hold the same influence for the next five years. The plan involves creating and expanding similar services for Yandex business operations globally, under new ownership structures.
At the start of February, Yandex NV proceeded with transferring Russia-based operations to a consortium of private investors and managers. The parent company for this group will be Yandex International Company Joint Stock, ICAO, registered in the Kaliningrad region, stepping in place of Yandex NV. The main stakeholder of the new group, MCAO, will be a consortium led by a closed investment fund steered by Yandex executives. Other participants include Leta Capital founders, Lukoil-associated entities, Infinitum depository chief Alexander Chachava, and entrepreneur Alexander Ryazanov.
Earlier, sources claimed the Kremlin had reactions to the sale of the Russian enterprise by Yandex NV, reflecting broader regulatory and strategic considerations surrounding the shift in ownership and control.