A decision taken by the Board of Yandex N.V (YNDX) in November 2022 in view of the unprecedented geopolitical environment, has now led to the disposal of all of Yandex's businesses in Russia and certain international markets.
The consideration is about RUB 475 billion which is nearly half of it market capitalization of RUB 918 billion, based on the average share price in the three-month period ending January 31, 2024.
As per the deal, Yandex will sell its entire interest in IJSC "Yandex", an international joint stock company incorporated in Russia that will hold all of Yandex's assets and operations in Russia and certain international markets.
The purchasers are a consortium led by members of senior management of the company's Russian businesses.
"Since February 2022, the Yandex group and our team have faced exceptional challenges. We believe that we have found the best possible solution for our shareholders, our teams and our users in these extraordinary circumstances," said John Boynton, Chairman of the Board of Directors of Yandex N.V.
Notably, the businesses being sold represent more than 95% of the Yandex Group's revenues for the first nine months of 2023, and about the same amount of its consolidated assets and employees.
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