Yandex NV (YNDX) has released an update.
Yandex N.V., a Dutch company, has successfully commenced the divestment of its Russian-based businesses with an initial sale of 68% of the target for $5.2 billion in cash and shares. Following the first transaction phase, the company has reduced its shares and anticipates a final closure sale within seven weeks, with future plans to focus on its international portfolio and rebranding. The sale will also potentially allow Yandex N.V. to resume trading on Nasdaq and provide capital returns to shareholders towards the year’s end.
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