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.
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