Russia’s Yandex Sells Assets to State-Backed Firm as Kremlin Tightens Grip on Internet – The Wall Street Journal

The move rids Yandex of assets that had drawn criticism for promoting the Kremlin’s messaging about its war in Ukraine, and deepens the internet portfolio of VK, which is controlled by Sogaz, the insurance arm of state-run energy giant Gazprom PJSC.

“The interests of the company’s stakeholders…are best served by pursuing the strategic exit from its media businesses,” Yandex said in a statement.

Yandex, which accounts for more than 60% of Russia’s internet search market, had enjoyed a Nasdaq listing and a market value of some $31 billion at its peak late last year. That tumbled to below $7 billion before Russia halted trading early in the war.

In recent years, Yandex made successful expansions into areas such as food delivery, video streaming and taxi services. The company also has an Alexa-style virtual assistant called Alice. Its robots have been tapped to deliver food to college campuses in the U.S.

The sale beefs up the presence of VK in Russia’s internet, where it already owns…

Read Full Story: https://www.wsj.com/articles/russias-yandex-sells-assets-to-state-backed-firm-as-kremlin-tightens-grip-on-internet-11661284203

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