TapTechNews July 16th news, according to Reuters, the asset division agreement of Russian tech company Yandex was finalized on Monday this week. A consortium of Russian investors purchased most of Yandex's business in a cash and stock deal worth approximately 5.4 billion US dollars (TapTechNews note: currently about 39.324 billion Chinese yuan).
Yandex was established during the Internet boom in the late 1990s and listed on Nasdaq, often referred to as the 'Google of Russia', covering search and advertising, ride-hailing, e-commerce and other online services.
The Dutch parent company of Yandex, YandexNV (YNV), said it has sold the remaining 28% stake and received a total of 2.8 billion US dollars (currently about 20.39 billion Chinese yuan) in cash and 162.5 million Class A shares of YNV.
YNV said that after selling the Russian business, it will retain four early-tech business assets in the fields of cloud computing, data solutions, self-driving cars and educational technology.
The deal negotiation lasted for as long as two years. In February this year, YandexNV announced that it agreed to conduct a transaction with the Russian consortium. After the completion of the transaction, YNV will stop using the Yandex brand.