Yandex to exit Russia in $5.2 bln deal

Yandex N.V., the Dutch parent of Russia’s biggest internet company of Yandex group (YNV) announced on Monday that it has agreed to sell all its Russian assets for 475 billion rubles ($5.2 billion) to a consortium of private investors.

The consortium comprises notable entities such as FMP, Argonaut, Infinity Management and Meridian Servis owned by Alexander Chachava, and IT.Elaboration owned by Pavel Prass.

The deal would see the country’s largest technology player fall entirely under Russian ownership, cementing Yandex’s departure from the Western tech circles it once courted.

Under the terms of the proposed transaction, Yandex N.V. will cease to be the parent company of the group and will change its name and stop using Yandex brands by July 31, 2024, the statement added.

YNV’s Board of Directors were thinking since November 2022 to restructure the group’s ownership and governance in light of the unprecedented and exceptional geopolitical environment, the statement said.