YANDEX N.V. HAS SIGNED A DEAL TO SELL THE BUSINESS FOR 475 BILLION

The Dutch Yandex N.V., which was previously the parent company of the group, concluded a deal to sell the business for 475 billion rubles. The Russian part will be headed by the International company Joint Stock Company Yandex.

As reported in the press service of Yandex N.V., the main owner of the MKAO "Yandex" will be the ZPIF "Consortium.The first one" led by Yandex managers. Also among the shareholders are the structures of Alexander Chachava, founder of the Leta Capital venture fund, Pavel Prass, head of the Infinitum depository, LUKOIL Group and entrepreneur Alexander Ryazanov.

Yandex N.V. will change its name and stop using Yandex brands until July 31. The new structure will preserve the usual management processes and provide investors, partners, users and employees with confidence in the prospects and sustainability of the company's business, the press service stressed.