Yandex to sell its remaining Russian businesses for $5.2B — half its market value

News Snapshot:

Yandex N.V., the Dutch parent company of the eponymous Russian internet giant, is selling the last of its remaining Russian businesses at a steep discount, following sanctions imposed in the wake of the Russia’s invasion of Ukraine two years ago. The value of the transaction, which will include the sale of all Yandex N.V. businesses in Russia and a handful of neighboring markets, will amount to around 475 billion rubles ($5.2 billion) — roughly half of its market capitalization as per the average share price in the three months ending January 31, 2024. The reason for this markdown is due...