Support The Moscow Times!

Yandex Holders Selling 7.4% Stake

The country's most popular search engine Yandex NV said Tuesday that its existing shareholders, including co-founder and CEO Arkady Volozh, will sell about 7.4 percent of the firm's shares, a roughly $600 million stake.

Yandex said a total of 24.25 million shares would be offered Tuesday by BC&B Holdings B.V., which holds shares on behalf of Baring Vostok funds; Volozh's affiliate, Belka Holdings; chief technology officer Ilya Segalovich and Emerald Trust.

It did not disclose the price of the offering. Based on Monday's closing price of $25.03 a share, the stake is worth about $607 million.

Yandex will not receive any proceeds from the offering, it said in a statement.

Morgan Stanley, Deutsche Bank and Goldman Sachs are acting as joint bookrunners for the offering and have been granted an option for 30 days to purchase up to an additional 2.4 million shares.

In a separate statement, Yandex also said its board approved a share buyback program for up to 12 million shares, or 3.7 percent of the total, to run between the completion of the secondary share sale and at least Nov. 14, unless extended.

Yandex raised $1.4 billion in an oversubscribed initial public offering priced at $25 per share in New York in May 2011.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more