Privacy News Yandex $5.21 billion deal

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https://www.neowin.net/news/russias-google-yandex-to-be-sold-to-domestic-investors-in-52-billion-deal/

Yandex is set to be sold to a group of Russian investors. Yandex NV, the Dutch parent company of Yandex, announced today that it has reached a $5.21 billion deal to sell most of its Russian operations to a consortium led by investors with ties to Russian oil giant Lukoil.

Under the terms of the deal, a new investment fund, Consortium.First, will acquire Yandex's leading search, advertising, ride-hailing, and other services that generate over 95% of its revenues. This marks the biggest corporate exit from Russia since the country's invasion of Ukraine in early 2022.

Yandex has been seeking to disentangle itself from Western investors and partners amid the worsening tensions. Given its importance as a strategic national asset, the Russian government had also been pushing for Yandex to fall entirely under domestic control.

Yandex — Company news — Yandex N.V. Announces Binding Agreement to Divest its Russia-based Businesses

Yandex N.V., the Dutch parent company of the Yandex group (“YNV”), today announces that it has entered into a definitive agreement with a purchaser consortium (the “Purchaser”) to sell all of the Yandex group's businesses in Russia and certain international markets.

yandex.com