June 23, 2020 / 8:56 PM / 22 days ago

Yandex to raise $800 mln from new share issue, to end JV with Sberbank

MOSCOW, June 23 (Reuters) - Russia’s top search engine Yandex said on Tuesday that it would raise $800 million by issuing new shares to finance its future growth.

The company said that it would raise $200 million from the open market, while Russian bank VTB and businessmen Roman Abramovich, Alexander Abramov and Alexander Frolov will provide an additional $600 million.

In a separate statement, Yandex said that it would end its joint venture with Russia’s largest lender Sberbank. As part of this deal, Yandex will acquire 45% of Yandex.Market from a Sberbank subsidiary for 42.0 billion roubles ($610 million). ($1 = 68.8200 roubles) (Reporting by Nadezhda Tsydenova; writing by Polina Devitt; editing by Jonathan Oatis)

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