Russian search engine Yandex to sell business in home country – Proactive Investors UK
Yandex NV (NASDAQ:YNDX), often dubbed ‘Russia’s Google’, has announced the sale of its operations in the country for around US$5.2 billion in a cash-and-share transaction.
The tech giant, which is listed on the Nasdaq and headquartered in the Netherlands, is selling to Russian investors but is expected to spin off some of its international operations first.
Following protracted negotiations with the Russian government, Yandex will see its core Russian business, accounting for the lion’s share of its revenue, transition to a consortium led by domestic investors, including figures and entities like Lukoil.
Before Russia invaded Ukraine, Yandex had plans to become an international tech player and even boasted a US$30 billion valuation at its peak.
However, soon after the war broke out, many employees fled the country, while investors and partners from other countries attempted to distance themselves.
Now, the deal “reflects a mandatory discount of at least 50 per cent” to the “fair…
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source: https://news.oneseocompany.com/2024/02/06/russian-search-engine-yandex-to-sell-business-in-home-country-proactive-investors-uk_2024020654048.html
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