MOSCOW, March 7 Shareholders of Yandex N.V. approved the deal to restructure the company and sell the core business to top management, 94.3% of the votes were in support of the decision to sell, follows from the company's message.
«Shareholders of the Dutch Yandex N.V. approved the deal to sell the Yandex business and changes in corporate governance structure. At the meeting of class A shareholders, 94.3% of votes were cast in support of the decision to sell,» the statement says.
Earlier it was reported that the Dutch Yandex N.V. entered into a deal to sell its core business for 475 billion rubles to a consortium of private investors. The new parent company will be MCAO Yandex, the main owner of which will be the closed mutual investment fund Consortium.First, headed by Yandex managers. The deal will take place in two stages. The buyer will pay a total of 230 billion rubles and about 176 million class A shares of Yandex N.V.
Yandex announced the restructuring in November 2022. It was reported that parent Yandex N.V. is considering the possibility of separating the main part of the business into a separate Russian group of companies, plans to eventually withdraw from its shareholders and change its name, while the new structure of Yandex in Russia will include a number of foreign directions and will retain the brand.
The company emphasized that neither Yandex N.V nor any group companies are under sanctions of the United States, European Union, Switzerland or Great Britain. Yandex group companies are not owned 50% or more by persons subject to such sanctions and are not under the control of such persons.