Yandex N.V. Announces Progress in Divestment of Russia-Based Businesses

Yandex N.V., a Dutch company, provided an update on the sale of its Russia-based operations and certain international markets, announced for a total of RUB 475 billion. This move involves cash and Class A shares of Yandex N.V. Following the announcement on February 5, 2024, the transaction has achieved major regulatory approvals in Russia and secured Shareholder consents necessary for the divestment. The company has also reorganized internally, preparing its assets for transfer to IPJSC "Yandex". This entity is now listed on the Moscow Exchange, advancing towards the transaction's completion which will occur in two stages. With some conditions still pending, Yandex N.V. and the purchasing consortium agreed to extend the deadline for the first closing to April 30, 2024.

The sale reflects significant corporate restructuring for Yandex N.V., aiming to concentrate its operations and streamline its business model amidst the changing geopolitical and economic landscape. However, the company indicates that uncertainties remain and satisfying all closing conditions may present challenges due to external factors influencing the Russian market and the broader economic environment.