8 Feb 2024 12:48

Yandex managers to get 35% Consortium.First following divestment

MOSCOW. Feb 8 (Interfax) - FMP, a special purpose LLC owned by members of the Yandex (MOEX: Yandex) tech company's senior management team following the business divestment, will receive s 35% stake in Consortium.First, a closed-end mutual investment combined fund which will purchase the Russian business, Yandex said in a presentation.

The company also disclosed the stakes of other consortium members.

Meridian-Servis, owned by former Gazprom deputy CEO Alexander Ryazanov, will own 10% of Consortium.First; Infinity Management, owned by Alexander Chachava, founder of LETA Capital VC fund, will have 25%; IT.Elaboration, owned and controlled by Pavel Prass, owner and executive of Specialized Depositary Infinitum, will own 15%; and Argonaut, a closed-end mutual investment combined fund ultimately owned by Lukoil , will have 15% also.

The purchaser and the members of the purchaser consortium may not transfer the shares in IJSC Yandex or their participation interests in the purchaser, during the 12-month period following the first stage of the deal's closing.

Yandex N.V . hired a consultant to conduct due diligence on the purchaser consortium.

"None of the participants in the Purchaser will have a controlling stake in the Purchaser Consortium, nor is any member a target of, or owned or controlled by a target of, comprehensive blocking sanctions or asset freezes in the U.S., EU, UK, or Switzerland. Each participant is the ultimate beneficiary and owner of their purchased stake. Each participant in the Purchaser Consortium is acting as a principal and not as an agent," the company says in information.

Yandex N.V. said on February 5 that it had agreed to sell the group's Russian business to a consortium of private investors for 475 billion rubles.

The first stage completion of the deal ought to close in the first half of the year and the second seven weeks after the first.