Yandex (YNDX) Ends Plans to Acquire Its Moscow Headquarters
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Yandex N.V. (NASDAQ: YNDX) (“Yandex”), one of the largest European internet companies and the leading search provider in Russia, today announced that it has terminated the Framework Agreement entered into on February 19, 2016 with Krasnaya Roza 1875 Limited, a Cypriot company (“KR1875”) (the “Framework Agreement”), pursuant to which Yandex was to become the sole owner of the company which holds title to the office complex in central Moscow (the “Red Rose”) that houses the Yandex group’s Russian headquarters.
Yandex has opted to terminate the Framework Agreement because of changing market conditions. The Framework Agreement allows for Yandex to terminate the Framework Agreement at any time prior to closing. In the event of the termination of the agreement, the Framework Agreement stipulates that Yandex will reimburse KR1875 for certain fees and expense incurred in connection with the transaction, up to a maximum of 45 million rubles (approximately $700,000). Yandex believes that after the reimbursement of these costs to KR1875, it remains in the company’s and stockholders’ interest to terminate the Framework Agreement. Yandex plans to remain at the Red Rose through the end of the lease term but may consider other options for when the lease term expires.
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