FRANKFURT, Germany (AP) — The Dutch parent of pioneering Russian tech company Yandex is selling its operations in the country at a steeply discounted price of just over $5 billion to its Russia-based managers and oil company Lukoil, one of the biggest deals for Western-held companies to exit Russia since the invasion of Ukraine.
He subsequently condemned Russia's invasion as “barbaric.” The Nasdaq exchange suspended trading in Yandex shares days after the invasion.
After the sale, Yandex NV would be left with its international businesses — employing 1,300 people — including self-driving technology and generative artificial intelligence as well as a data center in Finland.
Yandex NV Chairman John Boynton said the company had faced “exceptional challenges” since the start of the war.
None of the purchasers have been sanctioned, Yandex NV said, and the cash part of the transaction would be conducted in Chinese yuan outside of Russia.
Persons:
Vladimir Putin's, Arkady Volozh, Dmitry Peskov, ”, —, Alexander Chachava, Pavel Prass, Alexander Ryazanov, John Boynton, Boynton, McDonald’s, France’s Renault, Baltika
Organizations:
Western, Nasdaq, Yandex, Google, Yahoo, European Union, Companies, Baltika Breweries, Danone
Locations:
FRANKFURT, Germany, Russian, Russia, Ukraine, Moscow, Netherlands, Israel, Finland, Avtovaz, Western