Yandex to sell its remaining Russian businesses for $5.2B — half its market value

Yandex N.V., the Dutch parent of Yandex, is selling its remaining Russian and nearby-market businesses for about 475 billion rubles (~$5.2B) at a mandated 50% discount, to a Russia-based consortium led by Yandex managers and investors (including an entity tied to Lukoil), with payments largely in CNH and a two-stage closing targeted to begin in 1H 2024; the sold assets account for over 95% of current revenues, while Yandex N.V. will rebrand and retain non-Russian units—Avride, Nebius AI, Toloka AI, TripleTen—and a Finland data center, using proceeds to fund growth and return value to shareholders.