Following completion of the sale transaction, YNV will retain a portfolio of international businesses and other non-Russian assets, including four early-stage technology businesses and other assets:
* Nebius AI, an AI cloud platform that is one of the largest providers of GPU capacity in Europe;
* Toloka AI, a data solutions partner for GenAI and Large Language Model development;
* Avride, one of the leading developers of self-driving technologies;
* TripleTen, an EdTech service that equips people with in-demand tech skills;
* our data center located in Finland; and
* minority investments in other technology businesses.
From what I understand, this means basically that they are selling search and associated services that are mostly popular in Russia to some Russian consortium. Bringing Yandex under complete Russian control, without influence from western shareholders.
Those western shareholders (YNV) get a bunch of money and the above AI related subsidaries located outside of Russia.
Weird accounting tricks in Russia include "the new nobility" making you offers that you cannot refuse. This is a country in which the FSB (equivalent of the FBI) is running their own protection rackets, even on a small scale of a local shop. Property law works very differently over there, which is to say it doesn't quite exist.
Volozh could stay in Moscow and keep Yandex, though he was not acting CEO for some time.
But, he decided he prefers Israel (residing "behind the bump" in general sense). In modern political climate, you have to choose between having your pie and eating it.
It's like Zuckerberg choosing to leave to Singapore and stay there in case a war in Taiwan breaks up, while ideologically aligning with China, of course, I'm not so sure that in that scenario his US-based assets will remain intact.
The magic is that in the US, things that are illegal in most of the civilized world like lobbying, private campaign donations and PACs are enshrined in the law.
Ergo, see momma! no corruption!
Ah yes, just like in Russia we all know someone who was put in the trunk of a car by the FBI and driven around the forest just because they didn't want to pay up to the local director and his network of cronies. Or we all know of a prominent local case of a murderer or rapist that was released from prison (without any legal basis), then went on to fight a war for 6 months, then came back to our city with new military experience, now knowing how to handle rifles, grenades and man portable rocket launchers, and with severe PTSD.
The FT one (https://archive.ph/YiA3q) says almost nothing. The Bloomberg one (https://archive.ph/AsVYu) says "The Russian unit represented more than 95% of the Yandex Group’s consolidated revenues in the first nine months of 2023, and approximately 95% of its consolidated assets and employees." Not much left!
The article mentions them:
From what I understand, this means basically that they are selling search and associated services that are mostly popular in Russia to some Russian consortium. Bringing Yandex under complete Russian control, without influence from western shareholders.
Those western shareholders (YNV) get a bunch of money and the above AI related subsidaries located outside of Russia.
Weird accounting tricks in Russia include "the new nobility" making you offers that you cannot refuse. This is a country in which the FSB (equivalent of the FBI) is running their own protection rackets, even on a small scale of a local shop. Property law works very differently over there, which is to say it doesn't quite exist.
You can refuse, but then your chance of dying by "falling off the balcony" goes up dramatically.
In my circles, the joke is having heart attacks while shooting oneself in the back after falling out of windows.
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Volozh could stay in Moscow and keep Yandex, though he was not acting CEO for some time.
But, he decided he prefers Israel (residing "behind the bump" in general sense). In modern political climate, you have to choose between having your pie and eating it.
It's like Zuckerberg choosing to leave to Singapore and stay there in case a war in Taiwan breaks up, while ideologically aligning with China, of course, I'm not so sure that in that scenario his US-based assets will remain intact.
I think it's like a good survival tactic as well. Known by the old saying Бери деньги и беги
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The magic is that in the US, things that are illegal in most of the civilized world like lobbying, private campaign donations and PACs are enshrined in the law. Ergo, see momma! no corruption!
Ah yes, just like in Russia we all know someone who was put in the trunk of a car by the FBI and driven around the forest just because they didn't want to pay up to the local director and his network of cronies. Or we all know of a prominent local case of a murderer or rapist that was released from prison (without any legal basis), then went on to fight a war for 6 months, then came back to our city with new military experience, now knowing how to handle rifles, grenades and man portable rocket launchers, and with severe PTSD.
/s
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Yeah, it's some complex deal, which is hard to make sense of. Here's a Bloomberg story:
>Yandex Parent Cuts Ties to Russia in $5.2 Billion Unit Sale
https://www.bloomberg.com/news/articles/2024-02-05/yandex-pa...
And here's FT:
>Search engine Yandex to sell Russian operations for $5bn
https://www.ft.com/content/1f965442-e3f9-46dc-ae4d-ef2e05740...
The FT one (https://archive.ph/YiA3q) says almost nothing. The Bloomberg one (https://archive.ph/AsVYu) says "The Russian unit represented more than 95% of the Yandex Group’s consolidated revenues in the first nine months of 2023, and approximately 95% of its consolidated assets and employees." Not much left!