Yandex (YNDX) Announces 24.25M Common Offering for Shareholders

March 11, 2013 5:20 PM EDT
Yandex N.V. (Nasdaq: YNDX) announced the commencement of an underwritten public offering of an aggregate of 24,253,987 Class A shares by existing shareholders BC&B Holdings B.V., Belka Holdings Limited, Ilya Segalovich and Emerald Trust. The selling shareholders have also granted the underwriters of the offering an option for 30 days to purchase up to an additional 2,425,399 Class A shares. Yandex will not receive any proceeds from the offering.

BC&B Holdings B.V. holds shares on behalf of various funds advised by Baring Vostok Capital Partners Limited, of whose subsidiary one of our non-executive directors, Elena Ivashentseva, is a senior partner. Belka Holdings Limited is an affiliate of Arkady Volozh, our Chief Executive Officer and an executive member of our board of directors. Ilya Segalovich is our Chief Technology Officer and an executive member of our board of directors. Yandex, each of the selling shareholders, and Arkady Volozh have agreed with the underwriters to a lock-up in respect of Yandex shares for a period of 90 days.

Morgan Stanley & Co. International plc, Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are acting as joint bookrunners for the proposed offering. Morgan Stanley is acting as stabilization manager for the proposed offering.

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