Tech giant Yandex announced Monday it has agreed to sell its Russian assets to a consortium of Russian investors for 475 billion rubles ($5.2 billion).
The deal marks an end to more than two decades of Western investment in Yandex, which for years was seen as the crown jewel of Russia’s fast-growing tech industry and an example of successful Western investment in Russia.
The Netherlands-based Yandex N.V. had been negotiating a restructuring after Western sanctions over Russia’s war in Ukraine forced Yandex to effectively split into two companies, with one based in Russia and the other in Amsterdam.
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