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Yandex Raises $1 Billion from Investors Including Abramovich

  • Billionaire to buy stake in partnership with other investors
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Roman Abramovich is taking a stake in Russia’s largest internet company, Yandex NV, giving it more firepower to buy out ecommerce partner Sberbank PJSC and accelerate a push into online retail.

The billionaire owner of Chelsea Football Club and two partners -- VTB Bank PJSC and a company owned by steel billionaires Alexander Abramov and Alexander Frolov -- bought into Yandex as part of a $1 billion share sale to fund growth and strategic projects. In total, Yandex sold 20.3 million new shares at $49.25 apiece, including $400 million on the market and $600 million in a private placement to investors, including Abramovich.