Yandex, N.V. has agreed to sell its Russian assets – including the Yandex search engine – as part of a deal worth 475 billion rubles (roughly $5.2 billion).
Reports of a coming sale emerged in November. The sale still will need regulatory and shareholder approval.
About the sale. Yandex N.V., the Dutch parent company of the Yandex Group, agreed to sell all of its Russia-based assets, including Search, to a consortium made up of:
The sale could have been for twice the amount, if not for a “mandatory discount,” as TechCrunch reported:
Reason for the sale. Russia’s invasion of Ukraine in February 2022 created significant turmoil for Yandex (or “exceptional challenges” as the Yandex press release put it). This included Nasdaq suspending trading of Yandex shares, sales of various divisions, and financial losses.
Future of Yandex. Yandex management told its Russian employees that the company will “remain independent,” Reuters reported.
Why we care. Yandex Search (often called “the Google of Russia”) is used by more than 60% of Russians and is the dominant advertising platform. For any search marketers who may operate in the market (or might in the future) it will be worth watching whether this ownership change results in any significant changes to Yandex Search.