Yandex Sells Majority Stake, Exits Russia for $5.25 Billion

Yandex, often referred to as 'Russia's Google', has sold 95% of its revenue, assets and employees, which includes its core businesses, for $5.25bn to a consortium of investors. This group comprises 50 of the company's Russian managers, Lukoil, and investment entities linked to Alexander Chigibarkin. The sale will result in the tech firm, which provides services ranging from a search engine to shopping apps, exiting Russia due to the country's invasion of Ukraine. This deal, pending shareholder approval, would be one of the largest corporate exits since the conflict began.