Yandex NV shareholders approve sale of Russian assets to investor consortium
Reuters
Published Mar 07, 2024 18:51
Updated Mar 07, 2024 19:47
(Reuters) -Shareholders of Dutch-registered Yandex NV approved the sale of "Russia's Google (NASDAQ:GOOGL)," the country's most valuable technology asset, to a management-led consortium of Russian investors, the company said on Thursday.
Yandex, a technology company that operates an internet search engine, last month struck a 475-billion-rouble ($5.27 billion) deal after months of negotiations to sell its assets in Russia at a heavily discounted price due to Kremlin demands on foreign asset sales.
Yandex NV said in a statement that it was pleased with the progress made so far on satisfying required conditions, including receiving shareholder approval and a green light from the Russian government's commission for control over foreign investment.
"The parties continue to work diligently to satisfy the outstanding conditions," Yandex NV said. "The company anticipates that the first closing will take place in the coming weeks."
The company asked shareholders to vote on six proposals related to the sale and won overwhelming approval for each.
In its pitch to shareholders, Yandex had listed seizures of assets owned by Danone (LON:0KFX) and Carlsberg (CSE:CARLa), and restrictive laws that Moscow has introduced since launching its war in Ukraine.
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Written By: Reuters
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