Davis Polk advised Morgan Stanley & Co. International plc, Deutsche Bank Securities Inc. and Goldman, Sachs & Co. as underwriters in connection with the SEC-registered secondary offering of 26,679,386 Class A shares of Yandex N.V., including 2,425,399 additional Class A shares sold pursuant to an option granted to the underwriters. The public offering price was $22.75 per share, and the total gross proceeds to the selling shareholders amounted to $600 million. The Class A shares are listed on the Nasdaq Global Select Market under the symbol “YNDX.”
Yandex is one of the largest European internet companies, operating Russia’s most popular search engine and most visited website. Yandex’s mission is to help users solve their everyday problems by building people-centric products and services. Yandex generated nearly 62% of all search traffic in Russia in February 2013, and its sites attracted 52.6 million unique visitors in Russia in January 2013. Yandex also operates in Turkey, Ukraine, Belarus and Kazakhstan.
The Davis Polk corporate team included partner Paul E. Kumleben and associates Petja Toskan, Phillip G. Sharp and Matthew Hart. Partner John D. Paton and associate Sarah Joy provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the London and New York offices.
