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.
At least 11 people were killed and more than 70 others, including women and children, were kidnapped by armed men on motorbikes in Sabongarin Damri, a...
Torrential monsoon rains continue to wreak havoc across northern and eastern India, with widespread flooding reported in Uttar Pradesh and West Bengal...
Volcanoes can ground planes, bury towns, and reshape landscapes in hours. With over 850 eruptions since 2015, Earth is constantly reminding us of its...
Tesla has granted Elon Musk a $29 billion share award as part of a new compensation plan to retain him as CEO while the company shifts focus from elec...
Beijing had evacuated over 70,000 residents by Monday afternoon as authorities issued fresh warnings of intense rainfall, just a week after deadly flo...
U.S. President Donald Trump has revealed that his special envoy, Steve Witkoff, may travel to Russia this coming week, potentially on Wednesday or Thursday as Trump warned that if Russian President Vladimir Putin does not agree to a deal by 8 August, Washington will impose new economic sanctions.
A Ukrainian drone attack has damaged a power line and sparked a fire at a railway station building in Russia's southern region of Volgograd overnight, the regional administration said on Monday.
A top aide to President Donald Trump has accused India of helping finance Russia’s war in Ukraine through its continued oil purchases, as Washington increases pressure on New Delhi with new tariffs and warnings.
Russian and Chinese naval forces are holding joint artillery and anti-submarine drills in the Sea of Japan as part of the scheduled 'Maritime Interaction-2025' exercises, the Russian Pacific Fleet reported Sunday.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Tesla has granted Elon Musk a $29 billion share award as part of a new compensation plan to retain him as CEO while the company shifts focus from electric cars to robotaxis and AI. The move revives elements of a controversial 2018 package previously struck down by a Delaware court.
OPEC+ will increase oil production by 547,000 barrels per day in September after eight members of the organisation held a brief virtual meeting on Sunday. They said the company will continue to accelerate its output hikes to regain market share.
McDonald's plans to significantly expand its investments in artificial intelligence by 2027, with India expected to play a central role in data governance, engineering, and platform development, a senior executive said on Friday.
U.S. President Donald Trump has sharply criticised Federal Reserve Chair Jerome Powell following the central bank’s decision to keep interest rates unchanged.
Microsoft’s market capitalization surpassed $4 trillion in after-hours trading on Wednesday following a stronger-than-expected earnings report for its fiscal fourth quarter, driven by robust growth in its cloud business.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment