Metal billionaire Potanin has acquired minority stakes in “Google in Russia”

(Reuters) – Russian billionaire Vladimir Potanin has acquired a 9.95% stake in Yandex, an internet giant, often referred to as “Russian Google” through his own companies, according to a statement from the relevant companies.

A consortium of Russian investors purchased Yandex’s Russian business from its Dutch parents in July 2024 with approximately $5.4 billion in cash and stock, ending foreign ownership of the internet company.

Yandex said Tuesday that the expiration of the lockup period meant that consortium investors could directly own Yandex shares, but shareholders would not gain control.

According to the Russian Corporate Registry, on May 26, Catalyst people acquired Meridian Subis, an investment company that holds stakes in the Yandex Consortium.

Catalytic People is a joint venture between Interlos and T-Technologies, the holding company of Potanin. According to a 2024 report from T-Technologies, Interros is Technologies’ largest shareholder, earning a 41% stake.

Interros and T-Technologies say that the Catalyst people, who also own a 64% stake in Tochka Bank, will be used to invest in innovative, high-tech projects.

Potanin is the CEO and shareholder of Russian metals giant Nornickel, but makes other investments through Interros.

Technology Chairman Stanislav Blizniuk said the agreement opened up opportunities for Technologies and Yandex to collaborate on education and technology projects.

(Reporting by Gleb Stilarov and Alexander Murrow, edited by Kirsten Donovan and Susan Fenton)