05.02,2024 - Yandex NV reached an agreement to sell its Russian business, including the nation’s most popular search engine, for about $5.2 billion, the highest-valued deal yet to exit Russia following the invasion of Ukraine. The divorce, which took more than a year to negotiate, opens the way for Yandex, which has been registered in the Netherlands since 2007, to develop some projects abroad after divesting Russian units that had generated most of its revenue. Yandex management will get the biggest stake in the Russian business, while a fund owned by Lukoil PJSC will hold 10%, the oil company said Monday.
The 475 billion ruble sale dwarfs what was until now the largest deal by value — Prosus NV’s sale of its Russian classified-ads business Avito for 151 billion rubles in 2022. Many large multinationals from Exxon Mobil Corp. to McDonald’s Corp. have left Russia in the wake of the February 2022 invasion of Ukraine. The deal “will allow shareholders to recover some value for the businesses that we are divesting” and allow “new growth potential” for the international businesses the group is retaining, Yandex Chairman John Boynton said in a statement. Yandex NV will retain a portfolio of international businesses and other non-Russian assets to develop, including an AI cloud platform and a developer of self-driving technologies.
Source https://www.bloomberg.com/news/arti...one-attacks-halt-two-plants?srnd=economics-v2
