Yandex plans to close first stage of transaction to sell Russian business by April 30

MOSCOW. March 29 (Interfax) - Yandex N.V , the current parent company of Yandex, has clarified the planned closing date for the first stage of the transaction to sell its Russian assets to a consortium of investors, and the company expects to close this part of the transaction by April 30, Yandex N.V said.

The company in March reported that it planned to close this part of the deal "in the coming weeks."

Yandex also said that it had received all the necessary permissions to complete the transaction, meaning that it had particularly received permission from the Federal Anti-monopoly Service (FAS). The subcommittee of the government commission for overseeing foreign investment in Russia approved the deal prior to this.

Yandex N.V. shareholders on March 7 approved restructuring the company, which specifically involves selling Yandex's Russian business for 475 billion rubles to the Consortium.First closed-end investment fund, which is a consortium of private investors.

The first stage of the transaction is expected to be closed in the coming weeks. Yandex previously reported that the new holding entity plans to obtain a listing on the Moscow Exchange even before the closing of the first part of the deal. Yandex N.V., in turn, will delist from the exchange.

IPJSC Yandex, which will become a holding company after the transaction, has already submitted an application for listing on the Moscow Exchange.