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Yandex to sell its remaining Russian businesses for $5.2B — half its market value

Yandex N.V., the Dutch parent company of the eponymous Russian internet giant, is selling the last of its remaining Russian businesses.

For context, Yandex was founded way back in 1997 and eventually became known as “The Google of Russia,” given that it sold products broadly similar to its U.S. counterpart including search, e-commerce, advertising, maps, transportation and more. The deal, which is still subject to regulatory and shareholder approval, is touted to close in two stages — the first part will see Yandex N.V. sell a 68 percent stake of the Russian businesses within the first half of 2024 in a mixture of cash and shares in the Dutch entity. We believe that we have found the best possible solution for our shareholders, our teams and our users in these extraordinary circumstances,” said Yandex N.V. chairman John Boynton in a press release.

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