July 16, 2024 – This week, a significant deal in the technology sector was finalized, as reported by Reuters. The Russian tech giant Yandex has reached an asset division agreement, with a consortium of Russian investors acquiring a majority of Yandex’s business in a cash and stock transaction valued at approximately $5.4 billion.
Founded during the internet boom of the late 1990s and listed on NASDAQ, Yandex, often dubbed the “Google of Russia,” has a diverse portfolio including search and advertising, ride-hailing services, e-commerce, and other online services.
Yandex NV (YNV), the Dutch parent company of Yandex, announced the sale of its remaining 28% stake, receiving $2.8 billion in cash and 162.5 million shares of YNV Class A stock.
Following the divestment of its Russian operations, YNV stated that it will retain four early-stage technology business assets: cloud computing, data solutions, self-driving cars, and educational technology.
The negotiation for this deal spanned over two years, and in February of this year, Yandex NV declared its agreement to proceed with the transaction with the Russian consortium. Upon completion of the deal, YNV will discontinue the use of the Yandex brand.
