Dutch-based Yandex N.V., the parent company of Russia’s largest internet conglomerate, Yandex Group, announced on Monday its agreement to divest all Russian assets for 475 billion rubles ($5.2 billion) to a consortium of private investors. The consortium includes prominent entities such as FMP, Argonaut, Infinity Management, and Meridian Servis owned by Alexander Chachava, along with IT.Elaboration owned by Pavel Prass.
This deal marks the transition of the country’s foremost technology player into complete Russian ownership, signifying Yandex’s departure from the Western tech circles it previously engaged with. According to the proposed transaction’s terms, Yandex N.V. will no longer serve as the parent company of the group, undergoing a name change and discontinuing the use of Yandex brands by July 31, 2024.
The YNV Board of Directors had been considering a restructuring of the group’s ownership and governance since November 2022, citing the unprecedented and exceptional geopolitical environment, as mentioned in the statement.
