Yandex N.V. provides an update on the divestment of its Russia-based businesses

Yandex N.V. Yandex N.V. provides an update on the divestment of its Russia-based businesses 28-March-2024 / 19:30 MSK The issuer is solely responsible for the content of this announcement. Yandex N.V. provides an update on the divestment of its Russia-based businesses

Amsterdam, the Netherlands, March 28, 2024 — As announced on February 5, 2024, Yandex N.V., the Dutch parent company of the Yandex group (“YNV”), has entered into a definitive agreement with a purchaser consortium (the “Purchaser”) to sell all of the group's businesses in Russia and certain international markets for total consideration of RUB 475 billion, subject to adjustments, and payable in a combination of cash and Class A shares of YNV.

The company has made significant progress towards the implementation of the proposed transaction.

To date we have received all necessary regulatory approvals in Russia, including the approval from the Government Commission for Control over Foreign Investments, and antitrust approval from the Federal Antimonopoly Service.

On March 7, we received the requisite Shareholder approvals (including the separate approval of Class A shareholders) for the divestment and related amendments to YNV’s articles of association.

We have also completed the group’s internal reorganization. All of Yandex's assets and operations in Russia and certain international markets, which form the divestment perimeter, are now held by IPJSC “Yandex”, an international public joint stock company incorporated in Russia. IPJSC “Yandex” has recently obtained a public company status and applied for a primary listing on the Moscow Exchange.

As previously announced, the sale transaction will be implemented in two closings. We anticipate satisfaction of the remaining conditions to the first closing in the coming weeks.

To provide time to satisfy the remaining conditions to the first closing, the parties have mutually agreed to extend the long stop date under the Share Purchase Agreement between YNV and the Purchaser from April 2, 2024 to April 30, 2024.