The Dutch Yandex sold the Russian "Yandex" to a group of private investors: Details of the deal
Ukrainian company Yandex N.V. sold its assets in Russia to a group of private investors for 475 billion rubles ($5.21 billion).
- The sale will be carried out in two stages, with at least 50% of the price being paid in cash.
- Cash collateral will be paid in Chinese yuan outside of Russia.
- The deal is subject to approval by YNV shareholders.
- Upon completion of the deal, in accordance with international sanctions, YNV will no longer own assets in Russia.
- After the sale, YNV plans to apply for the exclusion of its shares from trading on the Moscow Stock Exchange.
- The closing of the deal is planned to be completed in two stages: the first - in the first half of 2024, the second - within seven weeks.
- The deal includes all businesses of "Yandex", with the exception of foreign startups Nebius (cloud technologies), Toloka (data markup), Avride (drones), TripleTen (educational services) and a data center in Finland.
- The buyers are Consortium.First - a consortium led by the Russian business Yandex, with the support of four investors. One of them is Argonaut, an investment fund wholly owned by the oil giant Lukoil.
- Also among the buyers are three other companies - Infinity Management, IT.Elaboration and Meridian-Servis, whose owners are Oleksandr Chachava, Pavlo Prass and Oleksandr Ryazanov, respectively.
- Yandex NV emphasizes that none of the consortium members fall under the sanctions of the USA, EU, Great Britain or Switzerland.
- The agreement is a consequence of the geopolitical situation and sanctions that have affected Yandex's business.
- This will allow shareholders to return funds for sold assets, and the company to focus on international development.
- The chairman of the board of directors of Yandex NV, John Boynton, said that since February 2022, the company has faced "exceptional challenges" and the team has found the best solution in "extraordinary circumstances".
The agreement means that the country's largest technology company is fully owned by the Russian Federation.
Negotiations on the separation of the Russian business from its Dutch parent company lasted about 18 months.
- Yandex is the largest search engine in Russia and Eastern Europe that provides various online services.
- Nebius is a startup that provides cloud technologies.
- Toloka is a data markup platform.
- Avride is a company engaged in unmanned technologies.
- TripleTen is a platform for educational services.
- Finland is a country in Northern Europe.
- Argonaut is an investment fund owned by Lukoil.
- Infinity Management is a company owned by Oleksandr Chachava.
- IT.Elaboration is a company owned by Pavel Prass.
- Meridian-Servis is a company owned by Oleksandr Ryazanov.
- USA - United States of America.
- EU - European Union.
- Great Britain is an island country in northwestern Europe.
- Switzerland is a country in Western Europe.