MOSCOW, May 13. /TASS/. The St. Petersburg Exchange will act as a platform for the exchange of Yandex N.V. shares for shares of the international company of the public joint stock company Yandex, the trading platform said in a statement.

The transaction will be carried out as part of the proposal of the Solid Management company, acting as a trustee of the Consortium. First mutual investment fund.

"The procedure for exchanging securities is voluntary. Investors - owners of Yandex N.V. shares who wish to take part in the exchange, must inform their broker of their intention," the statement says.

Acceptance of applications will begin no later than May 16 and will last until 03:00 p.m. Moscow time on June 21, 2024.

The St. Petersburg Exchange will not charge commissions from trading participants and their clients on these transactions. There will also be no commission charged to bidders for transactions and for processing depositary orders as part of the exchange.

On February 5, 2024, Yandex N.V., the parent company of Yandex, announced the sale of the Yandex business to a consortium of private investors for 475 billion rubles ($5.2 bln). The Consortium. First mutual investment fund, headed by Yandex managers, will be the main owner. As a result of the transaction, the seller of assets will receive an amount equivalent to at least 230 billion rubles ($2.5 bln) in yuan. The closing of the transaction for the sale of the Yandex business will take place in two stages, the first one - in the first half of 2024, the second one - seven weeks later.

Yandex will retain the businesses, services and assets of the Yandex N.V. group, with the exception of foreign startups (Nebius, Toloka, Avride and TripleTen), as well as a data center in Finland. In turn, the Russian Yandex will retain the rights to all technologies and provide Yandex N.V. limited rights to use part of its technologies until the end of 2024.