Yandex N.V. closes first stage of transaction to sell Yandex's Russian business

MOSCOW. May 17 (Interfax) - Dutch entity Yandex N.V . (YNV) has closed the first part of the deal to sell the Russian business of Yandex to Consortium. First closed-end investment fund, the company said.

YNV sold 68% of the shares in IPJSC Yandex. The IPJSC became the new holding company for the Russian assets of Yandex.

Another 3.7% of the shares had already been sold to Yandex.Technologies LLC for a future employee incentive program.

The second part of the deal is expected to close in July this year.