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Yandex Owner To Exit Russia In $5.2 Billion Deal

The Dutch parent of Russian tech company Yandex is selling its search engine and other services at a steeply discounted price of $5.21 billion to a group of Russian-based managers and oil company Lukoil. According to the Associated Press, it marks "one of the biggest deals for Western-held companies...

From the report: The price reflects a 50% discount that Moscow imposes on companies from "unfriendly" countries like the Netherlands as a condition of exiting business in Russia, according to a statement Monday from Nasdaq-exchange listed Yandex NV. After the sale, Yandex NV would be left with its international businesses -- employing 1,300 people -- including self-driving technology and generative artificial intelligence as well as a data center in Finland. Yandex, founded in 1997 as Russia's answer to Google and Yahoo, serves Russian-speaking customers through its search engine and with widely used apps for food delivery, car-sharing and shopping.

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