Tashkent, Uzbekistan (UzDaily.com) -- The Yandex management team will receive special shareholder rights and will continue to manage the company, which will be listed on the Moscow Exchange.

Dutch company Yandex N.V. entered into a deal to sell the Yandex business for 475 billion rubles to consortium of private investors. Yandex N.V. will cease to be the parent company of the group. Until 31 July 2024, it will change its name and stop using Yandex brands.

The new parent company of Yandex will be the International Joint Stock Company (ICAO) "YANDEX" - a private and independent company whose shares will be traded on the Moscow Exchange. Artyom Savinovsky will remain the CEO of Yandex. Yandex will retain the businesses, services and assets of the Yandex N.V. with the exception of foreign startups (Nebius, Toloka, Avride and TripleTen) and a data center in Finland. Yandex will provide Yandex N.V. limited rights to use part of its technologies until the end of 2024.

Yandex will continue to develop search, urban, entertainment and educational services, as well as cloud technologies, autonomous cars, artificial intelligence technologies and other promising areas.

The main owner of "Yandex" will be the closed mutual fund "Consortium.First" led by Yandex managers. In addition to them, the consortium has four more shareholders - the structure of Alexander Chachav, entrepreneur and founder of the venture fund LETA Capital; structure of Pavel Prass, General Director of one of the largest specialized depositories “INFINITUM”; structure of the LUKOIL group; structure of Alexander Ryazanov, a multidisciplinary investor and entrepreneur. None of the shareholders has a controlling interest. "Consortium.First" will be able to nominate six of the ten members of the Board of Directors of the Yandex.