Shareholders of Yandex NV approved the restructuring of Yandex’s business

Shareholders of Yandex NV approved the restructuring of Yandex’s business

On March 7, 2024, an extraordinary general meeting of shareholders of the Dutch company Yandex NV was held. At this event, shareholders approved the agreement on the sale of the Yandex business and changes in the corporate governance structure.

Shareholders’ approval is one of the most important conditions for closing the deal. The parties continue to work to ensure that all necessary conditions are met. A number of key approvals have already been received: in particular, the agreement was approved by the Government Commission for Control of Foreign Investments.

The closing of the deal will take place in two stages. At the first stage, ZPIF “Consortsium. Pershiy” will buy from Yandex NV a controlling stake – up to 68% – in Yandex. The first phase is expected to be completed in the coming weeks – if all the necessary conditions are met.

MKPAT “Yandex” will become the new main company of Yandex and will retain the businesses, services and assets of the Yandex NV group, with the exception of four foreign startups and a data center in Finland. The management team of “Yandex” will retain the management of the company and the right to make key decisions. For this, the “Managers’ Fund” was created, which will receive special rights and the right of veto when making decisions on special issues at the Board of Directors and general meetings of shareholders.

Yandex will continue to develop search, urban, entertainment and educational services, as well as cloud technologies, autonomous cars, artificial intelligence technologies and other promising areas.


On March 5, the subcommittee of the Governmental Commission for Control of Foreign Investments in Russia approved a group of agreements on the acquisition by a Russian group of investors of 96.3% of the shares of MKAO “Yandex” from the Dutch company Yandex NV. “.


On February 5, 2024, it became known that Yandex N.V. is a public limited company located in the Netherlands. (Yandex NV – the parent company of “Yandex”) concluded an agreement to sell “Yandex” for 475 billion rubles to a consortium of investors and will cease to be the main company. The company’s statement says that Yandex will remain a private, independent and public organization after the restructuring.

Artem Savinovsky remains the general director of Yandex. Yandex will retain the businesses, services and assets of the Yandex NV group with the exception of foreign startups (Nebius, Toloka, Avride and TripleTen) and the data center in Finland. Yandex will grant Yandex NV limited rights to use part of its technologies until the end of 2024.

The company’s statement says that Yandex will remain a private, independent and public organization after the restructuring. The full text of the company’s management letter received by Yandex employees regarding this situation.

In January 2024, Yandex became the owner of the main legal entity of Yandex in Russia instead of the Dutch Yandex NV. The changes took place on January 22. MKAO “Yandex” received 99.999% of LLC “Yandex”, as well as 100% of LLC “Technoyak” and 49% of LLC “Yandex DC”.

JSC “Yandex” was registered in December 2023 in the special administrative district (SAR) on the island of Zhovtnevy in the Kaliningrad region. Its founder was Yandex NV (the parent company of Yandex).

At the end of October 2023, a part of the assets of “Yandex” came under the control of Yandex NV, a public company with limited liability located in the Netherlands, to Technoyac LLC (Technoyac LLC).

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