Shareholders of the Dutch Yandex NV at an extraordinary general meeting overwhelmingly approved the transaction to sell the business of the Yandex group of companies and related changes in the corporate governance structure.
At a meeting of Class A shareholders, where a simple majority vote was required, 94.3% of shareholders voted in favor of the sale. With a joint vote of class A and B shareholders, the decision to sell was supported by 98.8% of security holders. Other issues put to vote, such as changes in the composition of the board of directors and other corporate decisions, were approved by more than 94% of voters.
Shareholder approval of the transaction was one of the key conditions for its completion. The parties continue to work to fulfill the remaining necessary requirements for the sale of the Russian business of Yandex. Previously, the deal had already been approved by the Russian Government Commission on Foreign Investments.
The transfer of Russian assets of Yandex to the new company will take place in two stages. First, the closed mutual investment fund “Consortium.First” will buy from Yandex NV a controlling stake of up to 68% in MKPAO “Yandex”, which will become the new parent company of the group. Completion of this phase is expected in the coming weeks. The company has not yet announced the second stage.
The Russian Yandex will receive the main assets, services and business areas of Yandex NV, with the exception of four foreign startups and a Finnish data center. The current Yandex management team will retain management of the company. For this purpose, a “Managers Fund” has been created, which will receive special corporate powers, including the right of veto when considering certain issues at meetings of the board of directors and general meetings of shareholders
In the future, the Russian Yandex will continue to develop key areas: search, urban, entertainment and educational services. Cloud computing, unmanned vehicles, artificial intelligence and other advanced technological areas will also remain a priority.
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