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Yandex’s new parent company will no longer be Yandex NV, but International Joint Stock Company (ICAO) Yandex. Its main owner is a consortium of closed-end common investment funds (CLIF). First of all, it will be led by Yandex managers. According to rtvi.com, it is not yet clear which managers belong to the closed-end common funds.
In addition, there are four shareholders:
The structure of Lukoil Group; the structure of Alexander Chachav, founder of venture fund LETA Capital; the structure of Pavel Prass, depositary of INFINITUM; the structure of investor Alexander Ryazanov;
The shareholders’ shareholdings are unknown, but a company press release states that none of them has a controlling stake.
Consortium.First will be able to nominate six of the ten members of the company’s board of directors. The other two are nominated by the Manager Fund, which was created to ensure that the Yandex management team retains the right to make key decisions and manage the company. In addition, the Manager Fund will be granted special rights, including a veto right in decisions made at the board of directors and shareholders’ meetings on special issues. These issues include changes to the company’s articles of association, approval of the budget, and major restructuring of the group.
The remaining members of the board will be able to nominate the public interest foundation. The transaction must be approved by a meeting of Yandex NV shareholders and regulators. After that, Consortium.First plans to offer Class A stockholders options on its securities, which will allow retail investors to become shareholders of Yandex MKAO after it enters the Moscow Exchange.
According to a press release, Yandex Russia will retain the operations, services and assets of the Yandex NV Group, with the exception of four foreign startups: Nebius (cloud technology), Toloka (data labeling), Avride (driverless technology) and TripleTen (online education for IT specialists) – as well as a data center in Finland.
“Yandex will continue to develop search, city, entertainment and education services, as well as cloud technology, self-driving cars, artificial BroadCast Unitedligence technologies and other promising areas,” the company said.
In addition, until the end of 2024, Yandex NV will obtain limited rights from Yandex to use parts of its technology.
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