Yandex Completes $5.4 Billion Asset Divestment to Russian Investors

Dutch company Yandex NV has completed the sale of its Russian technology assets to a group of Russian investors for $5.4 billion. This move ends foreign ownership in Yandex and could further Kremlin control over Russia’s internet. Yandex received $2.8 billion in cash and 162.5 million YNV class A shares.

Dutch company Yandex NV on Monday announced it has concluded the sale of its Russia-based technology assets to a consortium of Russian investors. The deal, valued at approximately $5.4 billion, includes cash and shares. This separation signifies the end of foreign ownership in Yandex, often referred to as 'Russia's Google,' and may enhance Kremlin oversight over Russia's digital landscape. It also represents the most significant corporate departure from Russia since the country's invasion of Ukraine over two years ago.

In the second phase of the transaction, Yandex NV sold its remaining 28% minority stake, securing $2.8 billion in cash and 162.5 million YNV class A shares. 'With the second closing, YNV has received the agreed-upon purchase price and now fully disposed of its remaining interest in the Russian businesses,' the company stated.

(With inputs from agencies.)