Yandex sold: Lukoil is among the investors

Yandex NV, the parent company of Yandex, has sold its Russian company. The total value of the sale is 5.3 billion dollars. Yandex will cease to be part of the Yandex N.V. group. By July 31, 2024, the company will change its name and stop using Yandex brands. The new parent company of Yandex will be the International Joint Stock Company (ICAO) "YANDEX" and its shares will be traded on the Moscow Stock Exchange.
Artem Savinovski will remain the CEO of Yandex. Yandex will retain the work, services and assets of the Yandex N.V. group, except for the foreign startups (Nebius, Toloka, Avride and TripleTen) and the data center in Finland. Yandex will grant Yandex N.V. limited rights to use some of its technologies until the end of 2024.
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.
The main owner of MCAO "Yandex" will be the closed investment fund "Consortium.First" headed by Yandex managers. In addition, the consortium has four more shareholders: the structure of entrepreneur and founder of LETA Capital venture fund Alexander Chachav; the structure of Pavel Prass, the general manager of INFINITUM, one of the largest specialized warehouses; The structure of the LUKOIL group; The structure of multifaceted investor and entrepreneur Alexander Ryazanov.
The Yandex management board will retain the management of the company and the right to make important decisions. For this purpose, the "Managers' Fund" was established, which will have special rights and veto rights when decisions on special issues are made in the Board of Directors and the general meeting.