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Yandex

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business-technology1 year ago

Yandex's $5.2 Billion Exit: Tech Pioneer Leaves Russia

Yandex, known as "Russia's Google", has been sold by its Dutch-based parent company to a consortium of investors in Russia for $5.2bn, much lower than its estimated market value, making it a fully Russian-owned entity. The move comes amid accusations of hiding information about the war in Ukraine and pressure from the Russian government. Yandex's co-founder, Arkady Volozh, has publicly spoken out against Russia's invasion of Ukraine and has been hit with sanctions by the EU. The sale reflects the trend of foreign-owned businesses exiting Russia, and Yandex has faced criticism for allegedly promoting Russian state media and narratives in its search results.

via BBC.com|
#business#business-technology#google
businessfinance1 year ago

Yandex's $5 Billion Exit: Severing Ties with Russia

Yandex's parent company is selling off its Russian assets due to the impact of sanctions, while Everbridge is going private for $1.5 billion. Crypto price movements have stabilized following the launch of bitcoin spot ETFs, and startup news includes Wonder Ventures' new funds, Naboo raising $8 million, and ProducePay securing $38 million to address food waste.

via TechCrunch|
#businessfinance#cryptocurrency#everbridge
business1 year ago

Yandex's $5.2 Billion Exit from Russia

Yandex, the Russian tech pioneer, is selling its operations in Russia at a steep discount of just over $5 billion to its Russian managers and Lukoil, reflecting a 50% discount imposed by Moscow on companies from "unfriendly" countries. The sale comes amid challenges faced by international companies in unloading their Russian businesses following the invasion of Ukraine and subsequent sanctions. The deal transfers Yandex's core business to Russian management and Lukoil, while the parent company retains its international businesses. Exiting Russia poses hurdles for businesses, including finding partners not under U.S. or European sanctions and avoiding banned financial transactions.

via The Associated Press|
#business#international-business#lukoil
business-technology1 year ago

Yandex's $5.2 Billion Exit from Russia: A Record Wartime Deal

Yandex NV, often referred to as "Russia's Google," has agreed to a $5.21 billion deal to sell its businesses to a group of Russian investors, marking the largest corporate exit from Russia since the country's invasion of Ukraine. The deal will result in Yandex falling entirely under Russian ownership, including a fund ultimately owned by oil major Lukoil, and will see the company's departure from Western tech circles. The sale reflects a significant discount from Yandex's previous market value, and the company plans to delist its Class A shares from the Moscow Exchange. Yandex NV will retain a portfolio of early-stage tech businesses and core intellectual property assets, while emphasizing its commitment to remaining independent.

via Reuters|
#acquisition#business-technology#investment
business1 year ago

Yandex Sells Russian Businesses at Half Market Value

Yandex N.V., the Dutch parent company of the Russian internet giant, is selling its remaining Russian businesses for $5.2 billion, half its market value, due to geopolitical pressures following Russia's invasion of Ukraine. The sale is subject to a mandatory discount of at least 50% imposed by the Russian Government on assets sold by parent companies incorporated in "unfriendly" countries. The buyers, a consortium led by senior managers from Yandex's Russian businesses, will pay at least 230 billion rubles in cash. Yandex N.V. will retain its non-Russian assets, including early-stage technology businesses, and plans to use the proceeds to develop its remaining businesses and deliver a return to its shareholders.

via TechCrunch|
#business#geopolitical-pressures#russia
business-technology1 year ago

Yandex's $5 Billion Exit Deal: Significance and Implications

Yandex N.V., the Dutch parent company of the Yandex group, has agreed to sell its Russian assets to a consortium of Russian investors for $5.2 billion, marking the end of more than two decades of Western investment in the tech giant. The deal, which still needs Kremlin approval, includes a "mandatory discount" imposed by the Russian government and is one of the largest corporate exits since Moscow's actions in Ukraine. The buyer, Consortium.First, includes Russian companies and investment funds not under Western sanctions, and Yandex N.V. will retain a small portion of its international-focused business lines.

via The Moscow Times|
#business-technology#investment#russia
business2 years ago

Russia's Fear of Tech 'Brain Drain' Hinders Seizure of Yandex, Sources Reveal

The fear of a significant brain drain in the tech industry is the main reason why the Kremlin is hesitant to nationalize Yandex, often referred to as "Russia's Google," according to sources. Yandex, Russia's leading tech company, has seen many of its staff members move abroad, with some relocating to Serbia. The loss of talent could severely damage the company's position in search technology, advertising, and ride-hailing. Talks regarding the divestment of Yandex's Russian businesses are currently at a standstill, as no one wants to be seen as "killing the company." Obtaining approval for deals and extracting funds from Russia has become increasingly difficult, and recent U.S. sanctions on a mediator between the Kremlin and Yandex have added to the company's challenges.

via Reuters|
#business#nationalization#russia
world-news2 years ago

Yandex Co-Founder Criticizes Russia's 'Barbaric' Invasion of Ukraine

Arkady Volozh, co-founder of Russian internet giant Yandex, has criticized Russia's "barbaric" invasion of Ukraine, expressing horror at the fate of people in Ukraine and taking responsibility for his country's actions. Volozh, who holds both Russian and Israeli passports, has faced criticism for apparently downplaying his links to Russia. He stepped down as CEO of Yandex after being included on the EU's sanctions list. Yandex is pursuing a corporate restructuring to balance domestic pressure and Western investors. Volozh's focus has been on supporting Russian engineers wanting to leave the country and contribute to technological innovation elsewhere.

via Reuters|
#invasion#russia#tech-entrepreneur
business2 years ago

Yandex Fined for Refusing to Share User Info with Security Services.

Yandex, the Nasdaq-listed search engine, has been fined 2 million roubles ($24,242) by a Moscow court for repeatedly refusing to provide user information to Russia's Federal Security Service (FSB). Yandex has been struggling to balance domestic pressure with the interests of its Western investors since Moscow invaded Ukraine in February 2022, and is now divesting its main revenue-generating businesses inside Russia and developing four newer units internationally.

via Reuters.com|
#business#fine#fsb