Yandex is known as the Google of Russia. The data center located in Finland remains the property of the Dutch parent company.
Internet business the Dutch parent company of the company Yandex has announced that it will exit the Russian market. The company says in its announcement to sell all its Russian and Russia-related assets.
The businesses will be sold in a cash and stock transaction worth 475 billion rubles. In euros, this amount is approximately 4.8 billion euros. The value takes into account a discount of at least 50 percent, which is required by the Russian government in order for the parent company based in a country defined as unfriendly to be able to sell Russian assets.
In practice, Yandex's Dutch parent company is selling more than 95 percent of its businesses. Its ownership will remain four technology businesses in the development phase and a data center located in Finland.
Yandex is known as the “Google of Russia”.
Yandex The Russian operations will be sold to a consortium led by members of Yandex's Russia operations management team. None of the members of the consortium is subject to sanctions from Western countries, the release states. The consortium is supported by four investors.
“Since February 2022, Yandex Group has faced extraordinary challenges. We believe that we have found the best possible solution from the point of view of our shareholders, teams and users in these exceptional circumstances”, comments the chairman of the board of the parent company John Boynton in the bulletin.
In February 2022, Russia started a war of aggression in Ukraine.
Boynton says that the company believes that the arrangement will give both parts of the group the opportunity to grow and develop.
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