Yandex Terminates Agreement to Acquire Its Moscow Headquarters
September 07 2016 - 5:30PM
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.
Contact:
Investor RelationsKatya ZhukovaPhone: +7 495 974-3538E-mail:
askIR@yandex-team.com
Media RelationsOchir Mandzhikov, Asya MelkumovaPhone: +7 495
739-7000E-mail: pr@yandex-team.com
ABOUT YANDEX
Yandex (NASDAQ:YNDX) is one of the largest European internet
companies, providing a wide variety of search and other online
services. Yandex’s mission is to help users solve their everyday
problems by building people-centric products and services. Based on
innovative technologies, the company provides the most relevant,
locally tailored experience on all digital platforms and devices.
Yandex operates Russia’s most popular search engine and also serves
Ukraine, Belarus, Kazakhstan and Turkey. More information on Yandex
can be found at https://yandex.com/company.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that
involve risks and uncertainties. These include statements regarding
the anticipated closing of the transaction described above and the
impact of such transaction on the Company’s financial results.
Actual results may differ materially from the results predicted or
implied by such statements. The potential risks and uncertainties
that could cause actual results to differ from the results
predicted or implied by such statements include, among others, the
satisfaction of the conditions to closing and macroeconomic and
geopolitical developments affecting the Russian economy, as well as
those risks and uncertainties included under the captions “Risk
Factors” and “Operating and Financial Review and Prospects” in our
Annual Report on Form 20-F for the year ended December 31, 2015,
which is on file with the Securities and Exchange Commission and is
available on our investor relations website at
http://ir.yandex.com/sec.cfm and on the SEC website at www.sec.gov.
All information in this release and in the attachments is as of
September 7, 2016, and Yandex undertakes no duty to update this
information unless required by law.
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