Posted 2/5/2024, 10:39:33 AM
Yandex Sells Remaining Russian Assets at 50% Discount to Consortium with Kremlin Ties
- Yandex N.V. is selling its remaining Russian businesses for $5.2B, a 50% discount imposed by the Russian government for "unfriendly" countries
- Yandex was founded in 1997 as the "Google of Russia" and went public in 2011, reaching a peak market cap of $31B in 2021
- The buyers are a consortium of Russian investors and entities with ties to the Russian oil and tech sectors
- The deal includes over 95% of Yandex's revenues and assets from the first 9 months of 2023
- Yandex N.V. will retain some early-stage tech companies and a data center in Finland, using sale proceeds to develop those assets