(Reuters) – Dutch company Yandex NV on Monday said it had finalised the divestment of its Russia-based technology assets to a consortium of Russian investors in a cash and shares deal worth around $5.4 billion.
The split marks the end of foreign ownership in Yandex, often dubbed “Russia’s Google”, potentially tightening the Kremlin’s control of the internet space in Russia, while also finalising the largest corporate exit from Russia since Moscow invaded Ukraine over two years ago.
YNV said it had sold its remaining minority 28% stake as part of the deal’s second closing, receiving a total of $2.8 billion in cash and 162.5 million YNV class A shares.
“With the second closing, YNV has received the agreed upon purchase price and now fully disposed of its remaining interest in the Russian businesses,” YNV said.
(Reporting by Alexander Marrow, Editing by Louise Heavens)
