Yandex selling Russian operations for RUB 475B

Yandex N.V., the Dutch parent company of the Yandex group, announces that it has entered into a definitive agreement with a purchaser consortium to sell all of the Yandex group’s businesses in Russia and certain international markets. The total consideration for the sale will be RUB 475B, subject to adjustments and payable in a combination of cash and Class A shares of YNV. At least 50% of the consideration will be paid in cash. The proposed sale will be presented for approval at a meeting of the Class A Shareholders and a separate Extraordinary General Meeting of Shareholders. YNV will provide a notice of the meetings, together with a detailed shareholder circular outlining the terms and background to the transaction, in the coming days. “Since February 2022, the Yandex group and our team have faced exceptional challenges. We believe that we have found the best possible solution for our shareholders, our teams and our users in these extraordinary circumstances,” said John Boynton, Chairman of the Board of Directors of Yandex N.V. “The proposed transaction will allow shareholders to recover some value for the businesses that we are divesting, while unlocking new growth potential for the international businesses we will retain and enabling the divested businesses to operate under new ownership. Yandex is a unique story. I am proud to have been a part of that story since the very beginning, and I am proud to be part of the next chapter. We believe that the proposed sale will position both parts of the current group to develop and grow for the benefit of their stakeholders.” As announced in November 2022, YNV’s Board of Directors undertook a strategic process to review options to restructure the group’s ownership and governance in light of the unprecedented and exceptional geopolitical environment.