Press Release

Morgan Lewis Guided Yandex Through Public Offering and Concurrent Private Placement

June 29, 2020

London, June 29, 2020: Morgan Lewis represented long-time Nasdaq-listed client Yandex, one of Europe’s largest internet companies and the leading internet search engine and ride-hailing provider in Russia, in an equity offering with gross proceeds of $1.06 billion. The transaction included a SEC-registered public follow-on offering raising gross proceeds of $460 million, and concurrent private placements to three investors:  VTB Capital; Ervington Investments, a company whose ultimate beneficiary is Roman Abramovich; and Treliscope, a company whose ultimate beneficiaries are Alexander Abramov and Alexander Frolov, with Goldman Sachs acting as the underwriter and placement agent.

On the same day, Yandex announced an agreement with Sberbank of Russia to reorganize the parties’ two joint ventures, in e-commerce and e-payments, for net consideration payable by Yandex of $560 million.

This follows the firm’s representation of Yandex in its groundbreaking corporate restructuring and in its $1.25 billion convertible senior notes offering.

Partner Tim Corbett led the team advising Yandex, which included partner Tom Wozniak and associate Ben Stein in London.

For more, read Yandex’s announcement.