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Yandex N.V. makes definitive agreement on sale of group businesses in Russia

The term of the Yandex N.V. share purchase agreement was extended until April 30, 2024, the technology company said

MOSCOW, March 28. /TASS/. The Netherlands-based Yandex N.V. made the definitive agreement on the sale of all the business in Russia and certain international projects to a consortium of private investors, the technology company said.

Yandex N.V. " has entered into a definitive agreement with a purchaser consortium <…> to sell all of the group's businesses in Russia and certain international markets for total consideration of 475 billion rubles ($5.2 bln), subject to adjustments, and payable in a combination of cash and Class A shares," the company informed.

The term of the Yandex N.V. share purchase agreement was extended until April 30, 2024, the technology company said.

"As previously announced, the sale transaction will be implemented in two closings. We anticipate satisfaction of the remaining conditions to the first closing in the coming weeks," Yandex said. "To provide time to satisfy the remaining conditions to the first closing, the parties have mutually agreed to extend the long stop date under the Share Purchase Agreement <…> to April 30, 2024," it added.

The group has also completed the internal reorganization, Yandex informed.

"All of Yandex's assets and operations in Russia and certain international markets, which form the divestment perimeter, are now held by IPJSC ‘Yandex,’ an international public joint stock company incorporated in Russia," it added.

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