Tech giant Yandex announced Monday it has agreed to sell its Russian assets to a consortium of Russian investors for 475 billion rubles ($5.2 billion).
The deal marks an end to more than two decades of Western investment in Yandex, which for years was seen as the crown jewel of Russia's fast-growing tech industry and an example of successful Western investment in Russia.
The Netherlands-based Yandex N.V. had been negotiating a restructuring after Western sanctions over Russia’s war in Ukraine forced Yandex to effectively split into two companies, with one based in Russia and the other in Amsterdam.
“Yandex N.V., the Dutch parent company of the Yandex group… has entered into a definitive agreement with a purchaser consortium to sell all of the Yandex group’s businesses in Russia and certain international markets,” the company said in a press release.
Tech giant Yandex announced Monday it has agreed to sell its Russian assets to a consortium of Russian investors for 475 billion rubles ($5.2 billion).
The deal marks an end to more than two decades of Western investment in Yandex, which for years was seen as the crown jewel of Russia's fast-growing tech industry and an example of successful Western investment in Russia.
The Netherlands-based Yandex N.V. had been negotiating a restructuring after Western sanctions over Russia’s war in Ukraine forced Yandex to effectively split into two companies, with one based in Russia and the other in Amsterdam.
“Yandex N.V., the Dutch parent company of the Yandex group… has entered into a definitive agreement with a purchaser consortium to sell all of the Yandex group’s businesses in Russia and certain international markets,” the company said in a press release.
