Yandex's Russian adventure comes to an end: A $5.2 billion sale!

It has been announced that an agreement has been reached for the sale of Yandex's assets in Russia for 475 billion rubles. The Netherlands-based Yandex NV reported that these assets will be transferred to a consortium of Russian investors and that the deal is valued at approximately $5.2 billion.

According to the report in Ekonomim, the sale will be made to Russian investors within the consortium, with the deal price set at 475 billion rubles. It was stated that this amount is equivalent to 159,124,970,882.50 Turkish Lira.

Among the information disclosed is that the consortium includes Lukoil, Russia's largest private oil company. Furthermore, it was stated that under the agreement, Yandex NV will cease using the "Yandex" brand by July 31.

In a statement, Yandex NV Chairman John Boynton expressed that the company has faced various challenges since February 2022 and that they believe they have found the best solution for shareholders, teams, and users. Additionally, it was recalled that Arkadiy Volozh, the founder of Yandex who was sanctioned by the European Union, left the company in December 2022.

News Source: 12punto