Consortium.First completed the acquisition of the Russia-based businesses of Yandex for RUB475bn.

Consortium.First, a newly formed closed-end mutual investment combined fund managed by Solid Management, completed the acquisition of the Russia-based businesses of Yandex, a technological company, for RUB475bn. “Since February 2022, the Yandex group and our team have faced exceptional challenges. We believe that we have found the best possible solution for our shareholders, our teams and our users in these extraordinary circumstances. The proposed transaction will allow shareholders to recover some value for the businesses that we are divesting, while unlocking new growth potential for the international businesses we will retain and enabling the divested businesses to operate under new ownership. Yandex is a unique story. I am proud to have been a part of that story since the very beginning, and I am proud to be part of the next chapter. We believe that the proposed sale will position both parts of the current group to develop and grow for the benefit of their stakeholders," John Boynton, Yandex Chairman of the Board of Directors. On May 17, 2024, Yandex announced the initial closing of the divestment of its Russia-based businesses, sold approximately 68% of the target.