Yandex, the Russian search engine giant often referred to as the “Google of Russia,” has announced a deal to sell all of its assets to an investment group in Russia. The deal is valued at a staggering 475 billion rubles, which is approximately 180 billion Thai baht.
This deal comes as a result of the ongoing tensions between Russia and Ukraine. Despite Yandex being a Russian company, it is actually registered in the Netherlands and its shares are traded on the Nasdaq market in the United States. This has led to foreign ownership of the company’s shares. The impact of the conflict has caused disruptions in various processes. Yandex announced plans to address this issue starting in November 2022 in order to maintain benefits for its largest shareholders.
The asset sale process will involve Yandex NV (YNV), the parent company based in the Netherlands, selling its entire Russian business (which accounts for 95% of the company’s revenue) to the investment group. The investment group must have a minimum value of 50% of the fair value and must obtain approval from the Russian government. The payment will be made in rubles. Afterward, YNV will continue operating its remaining business in Europe, primarily focused on AI.
TLDR: Yandex, the Russian equivalent of Google, has agreed to sell all its assets to a local investment group for a staggering 475 billion rubles. This move is a response to the ongoing Russia-Ukraine conflict, which has disrupted Yandex’s operations. The sale will only involve the Russian business, while Yandex’s European operations focused on AI will continue.
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