OREANDA-NEWS The Netherlands-based Yandex N.V. (YNV) has closed the first part of the transaction for the sale of Yandex's Russian business to the ZPIF Consortium.The first one," Yandex reported.

As part of this, YNV sold 68% of the shares of ICPAO Yandex (includes the monetary part and the transfer of up to 67.8 million Class A shares). Thus, MKPAO became a new holding of Russian assets of Yandex.

Another 3.7% of the shares were previously sold to Yandex LLC.Technologies" for the future employee motivation program.

The entire amount of the transaction for the sale of the business is estimated at 475 billion rubles ($5.2 billion).

According to the Dutch company, following the results of the second stage of the transaction, YNV will receive up to 108 million shares of YNV class A and the remaining amount (if any) in Chinese yuan.

With the closure of the first stage of the transaction, several members of the board of directors of Yandex NV are leaving, the message says. As a result, Charles Ryan, co-founder and general partner of Almaz Capital Partners, Roger Rijnia (previously held positions at Apple and a number of Dutch companies) and John Boynton, President of Firehouse Capital Inc investment company (currently Chairman of the Board of Directors), will retain their seats on the board of directors.

Currently, the total number of issued and outstanding shares of Yandex NV is 293.9 million (including classes A and B). The Class A securities received as part of the transaction will be kept on the company's balance sheet until YNV's plans to stimulate equity growth are implemented.

The closing of the second part of the transaction is expected in July this year.

In addition, the delisting of YNV and the start of trading in ICPAO shares is expected in July. MKPAO shares will be traded under the ticker YDEX.

Now the main shareholder of MKPAO is the ZPIF Consortium.The first one" - announced the launch of an offer for the exchange and repurchase of Yandex N.V. (YNV) shares. The exchange will be carried out in a 1:1 ratio, and the redemption will be at 1251.8 rubles/share. The buyout is available to those investors who transferred securities to the Russian depository before November 30, 2023.