MOSCOW, February 5. /TASS/. The share of the Lukoil group in Yandex will reach around 10% after the transaction is completed, the shareholders of the oil company will not participate in it, Lukoil said in a statement.
"Lukoil Group will participate in the transaction to acquire a stake in IJSC Yandex as part of a closed-end mutual investment combined fund Consortium.First. The transaction will be completed after the necessary approvals are received and will be implemented without the participation of PJSC Lukoil shareholders. After the transaction is completed, the share of the Lukoil group in Yandex will reach around 10%," the statement said.
The acquisition of a stake in Yandex is a portfolio venture investment for Lukoil Group aimed at increasing its retail efficiency, the company said.
It was reported earlier on Monday that Yandex N.V. announced the sale of its Yandex business to a consortium of private investors for 475 bln rubles ($5.22 bln). IJSC Yandex, registered at the end of 2023 in Kaliningrad, is set to become the new parent company of Yandex. According to the decision, Yandex N.V. will cease to be the parent company of the group and will change its name and stop using Yandex brands by July 31, 2024.