Yandex subsidiary acquires 3.73% of the IPJSC for future employee incentive program

MOSCOW. April 27 (Interfax) - Yandex.Technologies LLC acquired 14,166,665 shares of IPJSC Yandex, the IPJSC said in a statement of material fact.

This represents 3.73% of the company's capital.

A Yandex representative told Interfax that the deal was made "for a future incentive program."

Employee income consisted of salary, bonuses and options prior to the start of the restructuring process. However, Yandex has expanded its employee motivation program to include 20% of the company's capital as of 2019.

The company, after suspending trading on NASDAQ in early 2022, began issuing additional cash payments to employees in the form of vesting options, and then decided to suspend the program, replacing it with salary increases and bonuses.

Forbes reported in early 2024 that Yandex employees would have the opportunity to exchange options for IPJSC securities 1:1; 5.4 million class A shares will be allocated for these purposes.

Shareholders of Yandex N.V . (the current parent structure of the company) approved the restructuring of the company on March 7. The restructuring, in particular, involves the sale of the Russian Yandex business for 475 billion rubles to a consortium of private investors, the Consortium.First closed mutual fund.

The first stage of the transaction is expected to close by April 30.