Search engine “Yandex” to break the agreement with the company “Red Rose 1875 Limited”, which is part of KR Properties Alexander Klyachin, purchase of the business district “Red Rose” in the street in the capital of Timur Frunze Khamovniki. an agreement Gap “Yandex” explained the changed market conditions, but did not disclose details, write “Vedomosti” , citing the company’s statement.
According to the agreement, signed in February 2016, the Russian search engine was to be the sole owner of a Cypriot company, which owns the complex of buildings “Red Rose”. It now houses the main office of “Yandex”.
The total amount of the transaction at the time of signing the contract amounted to 655 million dollars. Since then, “Yandex” shares went up, and now the amount of the transaction would have increased to 773.8 million dollars. It is because of this, “Yandex” and walked out of the deal, the newspaper said people close to the company. Reduce the amount of the transaction as a result of the negotiations not succeed, he adds
“Vedomosti” explain that the deal was to be no cash:. “Yandex” planned to take over the 490 million dollars Seller of debt and release in his favor 12 , 9 million ordinary shares of class a
Meanwhile, a person familiar with the transaction participants, told the newspaper that, despite the claims of “Yandex”, the negotiations will continue, since the conditions for the real estate market since the beginning of 2016 not me and other such office in Moscow is not there.
“Yandex” rents an office in the “Red Rose” from 2009. The company now occupies 65% of office space in the business center, reminiscent of RBC .
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