The Ministry of Digital Development expects materials on the transaction with Yandex assets before the beginning of 2024

The Ministry of Digital Development expects to receive materials from the transaction for the sale of Yandex assets in the Russian Federation before the beginning of 2024. This was announced by the head of the department, Maksut Shadayev.

“We expect that probably at the end of this year or early next year we will receive materials for the transaction,” he said (quote according to TASS).

27th October “Yandex» published reports stating that the company received permission from the government commission on foreign investment in the Russian Federation for internal restructuring of the group. The day before Forbes wrotethat the controlling stake in Yandex may go to a consortium of investors, each of whom will receive 7.28%.

According to the publication, the parties would like to close the deal by the end of 2023. The value of the Russian business was estimated at $5.5 billion, taking into account a 50% discount. The magazine’s sources claim that potential investors include a group VTB, businessmen Vladimir Potanin and Ivan Tavrin, founder of Faberlic and State Duma deputy from the New People party Alexey Nechaev, pension fund Gazfond, as well as CEO of the Russian Direct Investment Fund Kirill Dmitriev. In addition, a representative of “Lukoil“

In November 2022 “Yandex» announced plans to split the group’s assets. Some businesses, including autonomous cars, cloud technologieseducational services, etc., will continue to operate in Russia, but their international parts will be separated into independent companies under the management of Yandex NV. The latter will eventually leave the shareholders and change its name.

May 25, 2023 in Yandex reportedthat they received applications from potential investors to purchase shares in the company. It was clarified that investors would not have control over the company; management would retain it.

Now the main shareholder of the company is Lastar Trust, the family trust of Yandex founder Arkady Volozh. However, the trust no longer has voting rights in the company, having transferred it to independent board members in 2022. 46.5% of voting shares and 87.9% of share capital are in free float.