Yandex, a Russia-based search engine formerly backed by Intel Capital, plans to raise $1bn in its Nasdaq stock exchange flotation but with a government block on any takeover of the company.

Intel had committed to a fund, Ru-Net, managed by Baring Vostok Private Equity and local bank UFG, which paid $5m for a 35% stake in Yandex in 2000. However, while the other assets in Ru-Net, such as property website Ozon, were distributed to limited partners, Yandex was retained in the ongoing vehicle, Internet Search Investments.

Baring Vostok owns nearly a fifth of Yandex’s A shares and almost a quarter of its B shares to have a 23.9% total voting power ahead of the portfolio company’s initial public offering, according to the company’s regulatory filing. Each B share has 10 votes while an A share has one vote.

United Financial Group (UFG) has a 3.4% holding, excluding shares…

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