Consortium. First closed-end investment fund participants to own shares in Yandex directly

MOSCOW. May 27 (Interfax) - Consortium. First closed-end investment fund (CEIF), the core owner of Yandex , has announced the start of the process to transfer the shares in IPJSC Yandex to shareholders, Consortium. First said.

The changes are related to the end of the lock-up period, which was in effect for 12 months after the closing of the first stage of the deal to sell Yandex's Russian business, the company said.

The consortium's participants will consequently own shares in Yandex directly.

The entire process should require around two months.

"The management team will continue to run the company and make key decisions, and will also retain all special shareholder rights received during the restructuring," Yandex said.

None of the shareholders will have a controlling stake, the company said. The change in the ownership structure will not affect Yandex's strategy and operations.

Consortium. First CEIF became the main owner of IPJSC Yandex in May 2024 as part of restructuring that divided the Russian big tech company's business into a Russian entity and an international entity. Yandex N.V., Yandex's former holding structure, received $2.8 billion and 162.5 million of its Class A shares as a result of the deal.

Yandex data indicate that Consortium. First CEIF owns 64.58% of the capital, or 67.55% of the votes, in IPJSC Yandex as of December 31, 2024. In addition to Meridian-Service, the consortium includes FMP, (owns 35% in the CEIF), which unites Yandex managers; the company of LETA Capital founder Alexander Chachava (25%); a structure of Lukoil (15%), and the company of Infinitum CEO Pavel Prass (15%).