Yandex investor poised to strengthen hold on VK in tech shift
Reuters
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.
10:49
WORLD NEWS
Biden voices doubts over Trump-era approach to Ukraine-Russia conflict
In his first interview since leaving office, Joe Biden expressed concern over proposed peace deals for Ukraine that involve territorial concessions, describing them as a dangerous form of appeasement while also addressing US-Europe relations and his own political decisions.
10:27
EU is set to fully end its dependency on Russian energy
The European Commission has presented a roadmap to ensure the EU fully ends its dependency on Russian energy, while ensuring stable energy supplies and prices across the EU.
10:09
RUSSIA
Moscow Victory Parade to host 29 foreign leaders
Russian presidential aide Yury Ushakov announced that 29 foreign leaders are expected to attend the Victory Parade in Moscow on May 9.
08:43
Russia and Ukraine exchange deadly air strikes as capitals face drone attacks
Russia and Ukraine launched more overnight air attacks on each other's capitals, resulting in two deaths in Kyiv. The drone strikes on Kyiv sparked fires, while Moscow's air defences destroyed multiple drones.
What is your opinion on this topic?
Leave the first comment