The government commission approved the sale of Yandex
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The government commission approved the sale of Yandex (MOEX: YNDX). The transaction amount decreased by 17.5 billion rubles. Against this background, the company’s shares fall by more than 1.5%. As Vedomosti writes, the deal included more than 96% of the company’s shares worth 457 billion rubles, and another 3.5% already belongs to the Russian Yandex, sources say.
This can explain the decrease in the total amount, noted Kirill Shcherbakov, a partner at the BBNP law firm: “The Yandex company was divided a year ago into Russian and international parts. The Dutch company leaves the Russian market, the Russian company is bought out by local management and a group of investors who are not directly on the sanctions lists through the closed mutual investment fund Consortium. First.
This transaction requires both the approval of Dutch shareholders and the passage of formal procedures in Russia, in fact, the approval of a government commission. The value was recalculated and reduced, most likely because part of the shares already belongs to Russian management. But some commercial decisions could also have affected the price; we don’t know about that. Next, the deal must be approved by the Antimonopoly Service and the Central Bank. Accordingly, if these approvals are received, only the work of lawyers will remain on drawing up the relevant contracts, and Yandex will come under the control of a group of Russian investors.”
The approval of the government commission is a key stage in the transaction for the sale of Yandex. And this is good news for investors, says Sergei Uchitel, partner at the Pen & Paper Bar Association: “We probably won’t have to wait for any global surprises, since the approval of the government commission has been received, and this is the main point. Today, of all the formalities, most likely, permission from the antimonopoly authority should have already been obtained.
The most important thing for investors is stability and predictability, so I think this news is positive. At least there is clarity on how such a global, strategically significant company will continue its business, including in the Russian circuit.”
Neither Yandex nor Consortium. The first”, who will become its new owner, do not comment on the deal. The government did not respond to journalists’ requests.
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