Terms for closing Yandex divestment: no sanctions against purchasers, approval of govt commission and president

MOSCOW. Feb 8 (Interfax) - The terms for closing the divestment of the Russian business of tech giant Yandex to a consortium of investors will depend on a number of conditions besides approval by the shareholders of Yandex N.V . itself.

A circular for an extraordinary meeting of Yandex shareholders says conditions to be satisfied by April 2 include there being no sanctions or other restraint against the company itself, the purchaser, Consortium.First, or any members of the purchaser consortium which have the effect of prohibiting or otherwise restricting the sale or performance of any obligations in connection with it.

Also required is transaction approval from the Russian Government Commission for Control over Foreign Investment due to the fact that Yandex Bank, which is part of the transaction, is one of s list of banks subject to a presidential decree stipulating that they cannot change owners without special permission.

Clearance by the Federal Anti-monopoly Service is also needed.

FMP, a special purpose LLC owned by members of Yandex's senior management team, will receive a 35% stake in Consortium.First, a closed-end mutual investment combined fund which will purchase the Russian business. 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.