MOSCOW (Reuters) – A subcommittee of the Russian government commission for control over foreign investments has approved a number of deals for a group of Russian investors to buy 96.3% of Yandex NV’s Russian business, Russian newspaper Vedomosti reported on Wednesday citing sources.
Yandex NV had struck a 475-billion-rouble ($5.21 billion) deal to sell what has been dubbed “Russia’s Google” to a group of Russian investors last month, marking the biggest corporate exit from the country since Moscow invaded Ukraine almost two years ago.
The buyer, Consortium.First, is a newly-formed investment fund managed by trustee Solid Management. It was led by members of Yandex’s senior management team in Russia and supported by four financial investors including Argonaut, an investment fund ultimately owned by Lukoil.
(Reporting by Reuters; editing by Guy Faulconbridge)