Yandex NV has struck a 475-billion-rouble ($5.21 billion) deal to sell what has been dubbed “Russia’s Google” to a group of Russian investors, marking the biggest corporate exit from the country since Moscow invaded Ukraine almost two years ago.
The Kremlin-engineered deal would see Russia’s largest technology player fall entirely under Russian ownership, including a fund ultimately owned by oil major Lukoil (LKOH.MM), opens new tab, and cement Yandex’s departure from Western tech circles.
Once seen as one of the few Russian companies with the potential to become a global business, Nasdaq-listed Yandex (YNDX.O), opens new tab had developed leading online services, including search, advertising and ride-hailing in Russia.