Explainer-Why the $5.2 billion sale of Russia’s Yandex is significant

 www.globalbankingandfinance.com/explainer-why-the-5-2-billion-sale-of-russias-yandex-is-significant/


LONDON (Reuters) – A $5.2 billion cash and share deal to sell the key Russian assets of technology group Yandex, often labelled as “Russia’s Google”, to a consortium of Russian investors was announced on Monday after months of negotiations.

Here’s why the deal is significant.

RUSSIA’S LARGEST TECH ASSET

Moscow has long sought to gain more influence over Yandex, set up in the dotcom boom in the late 1990s, as it became a key player in online services such as search and advertising, email, ride-hailing, e-commerce, cloud and streaming.

The sale to a group of Russian investors would bring Yandex under the control of only Russian entities for the first time.

Yandex, which went public on Nasdaq in 2011 through its Dutch-registered holding company Yandex NV, has a free-float of almost 88%, with many Western investors among its shareholders.

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