Yandex and Russia have severed ties!
Yandex, Russia’s popular search engine, has been experiencing a major blood loss since the war between Russia and Ukraine. Yandex’s parent company, Netherlands-based Yandex NV, made an important decision about its assets in Russia.
Yandex Russia assets sold for 5 billion dollars
Yandex NV released an important statement today. According to the statement, all of the company’s assets in Russia have been acquired for 5 billion dollars by a group of Russian investors, including companies such as Lukoil.
Yandex’s market capitalization on NASDAQ was as high as 82.8 dollars in October 2021. The current market value of the company, which entered a rapid decline with the Ukraine war, is $ 6.8 billion. “We believe we have found the best possible solution for our shareholders, our teams and our users in these extraordinary circumstances,” said John Boynton, Chief Executive Officer of Yandex NV.
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The sale of Yandex stands out as the largest capital outflow ever realized in Russia, which has been subjected to heavy sanctions by the European Union (EU). On the other hand, the founder of the company, Arkadiy Voloj, left the company in December 2022.
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