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Baring Vostok Capital unit to sell 7% in Russia’s Yandex by 2015

June 23, 2014, 13:36 UTC+3 NEW-YORK
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NEW-YORK, June 23. /ITAR-TASS/. Dutch group BC&B Cooperatief U.A., a part of investment company Baring Vostok Capital, will sell over 7% in Russian Internet giant Yandex until 2015, according to documents of Baring Vostok Capital submitted to the US Securities and Exchange Commission and seen by PRIME on Monday.

BC&B signed an agreement on June 6 with investment bank Morgan Stanley on the sale of up to 19.9 million shares of Yandex. In total, companies belonging to Baring Vostok Capital own 20.3 million shares of the Internet company, or a 7.56% stake.

The stake comprises 17.5 million shares of class B with 10 voting rights, which are automatically converted into class A shares with a voting right when sold.

The agreement with Morgan Stanley expires on June 5, 2015, and it may be suspended anytime.

Yandex owns Russia’s most popular internet search engine and the Internet portal. Apart from Baring Vostok Capital Partners, the company is owned by its CEO Arkady Volozh and others. Yandex’ capitalization amounts to over $11 billion on the NASDAQ exchange.

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