Baring Vostok Funds Pocket US$327 Million from Yandex Stake Sale (CEE and CIS)
Source: The Moscow Times
Baring Vostok, a private equity firm operating in Russia and the CIS, has sold a three percent stake in Russia-based online search engine operator Yandex for US$327 million. Baring Vostok funds have steadily reduced their stake in the internet company from 16 percent as of December 2012 to about 7 percent after the latest sale. In March, Baring Vostok funds sold a 5.5 percent stake for US$413.6 million. Baring Vostok first invested US$5 million in the company in 2000 for a 35.7 percent stake. Yandex’s total value has reportedly increased from US$15 million from Baring Vostok’s initial investment to a current value of about US$11.3 billion.