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.
Greek Prime Minister Kyriakos Mitsotakis has rejected a maritime boundaries agreement between Türkiye and ...
A tanker carrying the first Russian diesel shipped under a surprise agreement between Moscow and U.S. President...
Former Salvadoran president Elias Antonio “Tony” Saca was released from prison on Thursday after co...
Despite losing his bloc's majority in Israel's 120-seat Knesset in a hotly contested election, Prime Minister Benjamin Netanyahu has managed to remain in the lead after 70 per cent of votes were tallied on Wednesday. Figures are subject to change as counting continues.
The Middle East conflict remains tense as diplomatic efforts continue alongside renewed Houthi attacks. Iran says it remains open to mediation, while the Saudi-led coalition says it intercepted a ballistic missile fired towards the kingdom.
Rescuers searched the wreckage of two high-speed trains in central Spain on Thursday as the death toll rose to a provisional 74, making it the country's second fatal high-speed rail disaster this year.
Strengthened U.S.-Central Asia ties reflect a broader trend in international relations, with growing emphasis on developing alternative transit routes and diversifying energy and critical mineral supply networks to gain geopolitical influence.
At least 68 people have been killed after two high-speed trains collided in Spain on Wednesday, in the second deadly rail disaster in less than a year on a major route linking Madrid with the southern Andalusia region.
Russian President Vladimir Putin has praised record trade with Egypt as Moscow seeks to use its economic ties with Cairo to expand its influence across Africa, with a focus on manufacturing, infrastructure and energy.
Kazakhstan could begin building its first nuclear power plant in 2027, President Kassym-Jomart Tokayev said on 28 October, according to Azertac. But as Central Asia steps up its energy ambitions, which countries are investing in nuclear power and which are pursuing alternatives?
Apple's latest iPhone 18 Pro series has outperformed its predecessor in early global sales, even as rising manufacturing costs and weaker demand in some markets put pressure on the smartphone industry, according to Counterpoint Research data released on Tuesday (27 October).
Uzbekistan is moving into a new phase in the development of Islamic finance, with the country’s first Islamic banking licence issued shortly before a regional forum in Samarkand brought together industry players to discuss how the sector can expand across Central Asia.
The European Union is pushing to deepen trade ties with Asia as rising global trade barriers threaten international commerce, German Chancellor Friedrich Merz said during a visit to Singapore on Tuesday (27 October).
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment