Pavel Prass, co-owner of Yandex, is set to increase his stake in rival VK, signaling consolidation in Russia’s tech sector. The move follows a $5.4 billion deal for Yandex's assets and VK's plan to raise up to 115 billion roubles to tackle mounting debt.
Pavel Prass, one of the co-owners of Russian tech giant Yandex, is poised to increase his stake in rival firm VK through an affiliated company, according to a statement released by VK. The move highlights growing consolidation within Russia’s tech industry.
Prass, who holds a 19% stake in the firm Agana, is linked to VK’s private subscription of 354 million new shares priced at 324.9 roubles each. Agana, alongside AM-Invest, is set to become a majority stakeholder in VK, owning 61% of the company’s increased capital—pending shareholder approval at a meeting scheduled for 30 April.
The development follows a significant $5.4 billion deal in July 2024, which saw foreign ownership of Yandex, often called "Russia’s Google" brought to an end. Yandex’s Russian assets were taken over by a consortium of domestic investors, including Prass.
VK, which reported a loss exceeding $1 billion in 2024, is seeking to raise up to 115 billion roubles ($1.37 billion) via the share issue to reduce its mounting debt.
The strategic stake increase by Prass signals a reshaping of Russia’s tech landscape, with key players tightening their grip amid state-leaning ownership structures and financial restructuring efforts.
Iran’s Supreme Leader Mojtaba Khamenei warned “foreigners who commit evil” have no place in the Gulf, outlining a “new phas...
The president of the International Committee of the Red Cross (ICRC), Mirjana Spoljaric Egger, visited Tehran to address “urgent humanitarian...
China has warned the U.S. that Taiwan will dominate next month’s summit in Beijing, raising pressure on Washington and concern in Taipei over...
Shares in Meta Platforms fell sharply in extended trading on Wednesday after the tech giant raised its annual capital spending forecast by billions...
From Thursday, 1 May, goods from every African country with diplomatic ties to China will be able to enter the Chinese market without paying import...
Afghan and Russian officials have discussed expanding political, economic and security cooperation during talks in Kabul, Afghan ministries said.
Mali’s military leader, Assimi Goita, has said the situation is “under control” in his first public remarks since a wave of coordinated attacks shook the country last weekend.
Tensions between the United States and Iran remain high after a U.S. official said President Donald Trump was unhappy with a proposal from Tehran that does not deal with its nuclear programme. Washington is insisting that any talks must address Iran’s nuclear activities.
King Charles III told the U.S. Congress that despite rising tensions in Europe and the Middle East, the United Kingdom and United States remain united in defending democracy, even as divisions grow over the war with Iran.
A report published by Minval Politika has raised new questions over alleged efforts by Luis Moreno Ocampo to shape international pressure against Azerbaijan and influence political dynamics around Armenia.
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
Tensions between the United States and Iran remain high after a U.S. official said President Donald Trump was unhappy with a proposal from Tehran that does not deal with its nuclear programme. Washington is insisting that any talks must address Iran’s nuclear activities.
Iran’s Supreme Leader Mojtaba Khamenei warned “foreigners who commit evil” have no place in the Gulf, outlining a “new phase” for the Strait of Hormuz, while a senior adviser said U.S. blockade efforts would fail and could trigger confrontation.
Shares in Meta Platforms fell sharply in extended trading on Wednesday after the tech giant raised its annual capital spending forecast by billions of dollars.
The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
The United Arab Emirates has said it's quitting OPEC from 1 May, dealing a major blow to the oil producers’ group and its de facto leader, Saudi Arabia, amid disruption caused by the Iran war.
As the Iran war disrupts global flows of oil and gas and energy prices skyrocket, the Drin River, which descends through the mountains of northern Albania, is acting as a kind of shield.
China has ordered Meta to unwind its more than $2 billion acquisition of artificial intelligence start-up Manus, marking a major escalation in Beijing’s scrutiny of foreign investment in sensitive technology sectors. The order was issued on Monday by the National Development and Reform Commission.
Adidas shares rose after Kenya’s Sebastian Sawe delivered a historic performance at the London Marathon on Sunday (26 April), becoming the first athlete to run an official marathon in under two hours.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment