Shareholders of the Dutch company Yandex NV approved an agreement to sell its Russian business to senior management, according to the company press service. The update signals a notable shift in the corporate structure and ownership dynamics surrounding the Russian assets.
The company stated that shareholders approved the sale along with changes to the corporate governance framework. This combination of sale and governance changes outlines a path for new leadership to steer the Russian operations while preserving the overall brand and strategy associated with the Yandex name.
The press release notes that 94.3 percent of votes at the Group A shareholders meeting backed the decision, reflecting broad consensus among investors. The high level of support underscores confidence in the transition plan and its anticipated impact on both the Russian business and the broader corporate strategy of Yandex NV.
The plan describes the completion of the agreement in two stages. In the first stage the private investment fund Consortium.First will acquire a controlling stake, up to 68 percent, in Yandex Moscow Autonomous Okrug from Yandex NV. This move places decisive influence over the Moscow unit in the hands of the fund and the appointed managers, reshaping day-to-day leadership and strategic direction for the local operation.
Following the restructuring results on February 8, Yandex NV will not possess the rights that come with direct control of the Russian business. Over the next five years, the parties intend to create and develop similar services for Yandex businesses around the world, leveraging the experience gained in Russia to inform global expansion and product development strategies.
At the start of February, Yandex NV transferred the Russian operations to a consortium of private investors and managers. The consolidating group’s parent company will be Yandex, an International Joint Stock Company registered in the Kaliningrad region, instead of Yandex NV. The principal shareholder of MCAO will be Consortium.First, a closed investment fund managed by Yandex’s top managers. Other participants include the founder of Leta Capital, structures associated with Lukoil, the head of the Infinitum depository Alexander Chachava, and entrepreneur Alexander Ryazanov, among others. This coalition is positioned to guide the next phase of development for the Moscow unit and the broader set of assets involved in the agreement.
The Kremlin’s reaction to the sale of the Russian enterprise by Yandex NV was noted as part of the broader oversight and public commentary surrounding this strategic maneuver, reflecting the high level of interest from state authorities and regional stakeholders in the future of the Russian technology sector and related investments.