The third most popular search engine in the world was sold

The third most popular search engine in the world was sold

Yandex NV has agreed to sell its assets in Russia worth $5.2 billion. The sale of Yandex is considered the largest separation of companies from Russia since the Ukraine war. The Russian search giant has been trying to separate its profitable domestic operations from its international operations for more than a year.

According to Bloomberg reportThe sale of Yandex assets will make the Russian part of the company (including the search engine, rental application car and e-commerce platform) to be sold by a consortium managed by Yandex and a fund owned by oil company Lukoil. Several other Russian entrepreneurs are also involved in this deal.

Several factors caused the strategic handover of Yandex. This company was facing Western pressures and sanctions against Russian companies and some internal criticism due to its alignment with the Russian government. Last year, the European Union Arkady vlogboycotted the founder of Yandex and this event put the international image of his company in a more complicated situation.

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John BoyntonThe Chairman of the Board of Directors of Yandex, emphasizing the financial motivation for the sale of the company’s shares, stated: “This transaction allows the shareholders to recover some of the value of the businesses that we are divesting.”

Boynton added that the new mix of shareholders could open doors for the company to pursue new growth opportunities in its international businesses, including its AI cloud platform and self-driving car technology development.

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