Metals billionaire Potanin acquires minority stake in 'Russia's Google'

(Reuters) -Russian billionaire Vladimir Potanin has acquired a 9.95% stake in internet giant Yandex, often dubbed "Russia's Google", through companies he owns, according to statements from companies involved.

A consortium of Russian investors bought Yandex's Russian business from the company's Dutch parent in July 2024 for around $5.4 billion in cash and shares, ending foreign ownership of the internet company.

Yandex said on Tuesday the expiration of a lock-up period meant that investors in the consortium could now own stakes in Yandex directly, but that no shareholders would gain a controlling interest.

According to Russia's corporate registry, Catalytic People on May 26 acquired Meridian-Servis, an investment company that held a stake in the Yandex consortium.

Catalytic People is a joint venture between Potanin's holding company Interros and T-Technologies. Interros is T-Technologies' largest shareholder, with a 41% stake, according to T-Technologies' 2024 report.

Interros and T-Technologies have said Catalytic People, which also owns a 64% stake in Tochka Bank, will be used to invest in innovative and high-tech projects.

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

T-Technologies President Stanislav Bliznyuk said the deal opened opportunities for T-Technologies and Yandex to work together on educational and technology projects.

(Reporting by Alexander Marrow, Gleb Stolyarov, Moscow Newsroom; Editing by Kirsten Donovan and Susan Fenton)