Deals
Yandex Strikes Record $5.2 Billion Wartime Deal to Exit Russia
- Dutch-registered firm reaches agreement to sell Russian unit
- Fallout from the war in Ukraine forced tech giant to split up
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Yandex NV reached an agreement to sell its Russian business, including the nation’s most popular search engine, for about $5.2 billion, the highest-valued deal yet to exit Russia following the invasion of Ukraine.
The divorce, which took more than a year to negotiate, opens the way for Yandex, which has been registered in the Netherlands since 2007, to develop some projects abroad after divesting Russian units that had generated most of its revenue. Yandex management will get the biggest stake in the Russian business, while a fund owned by Lukoil PJSC will hold 10%, the oil company said Monday.