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.
Flights out of Bangladesh's main airport were delayed or diverted on Saturday after a major fire broke out in the cargo terminal, officials said....
Repair work has started on damaged off-site power lines to Ukraine’s Zaporizhzhia nuclear power plant following a four-week outage, IAEA Director Ge...
Afghanistan and Pakistan will hold peace talks in Doha on Saturday, both sides said, after the South Asia neighbours extended a ceasefire following a ...
Britain's Prince Andrew said on Friday he would give up using his title of Duke of York following years of criticism about his behaviour and connectio...
Start your day informed with AnewZ Morning Brief: here are the top news stories for October 18th, covering the latest developments you need to know....
Repair work has started on damaged off-site power lines to Ukraine’s Zaporizhzhia nuclear power plant following a four-week outage, IAEA Director General Rafael Grossi said on Saturday.
Iran’s Secretary of Supreme National Security Council (SNSC) Ali Larijani and a senior advisor to Supreme Leader Ayatollah Seyed Ali Khamenei submitted his message to Russian President Vladimir Putin in Kremlin amid a flurry of momentous bilateral, regional and international developments.
The United States and India have held productive trade talks, and Indian refiners are already cutting Russian oil imports by 50%, a White House official told on Thursday.
Russian attacks have forced Ukraine to suspend activities at several major gas facilities this month, the state energy company said on Thursday, leaving Kyiv in need of more imports.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
In the first nine months of this year, 10.2 billion cubic metres of gas were produced from the Azeri-Chirag-Gunashli (ACG) block in the Azerbaijani sector of the Caspian Sea, according to operational data released by the Ministry of Energy.
Apple’s latest smartphone, the iPhone Air, sold out within minutes of its launch in China on Friday, highlighting the brand’s enduring appeal among Chinese consumers despite growing competition from local Android makers.
Wall Street closed lower on Thursday as renewed concerns about regional banks and intensifying U.S.-China trade tensions weighed on investor sentiment, pulling major indexes off recent record highs.
Giorgio Armani's deputy managing director, Giuseppe Marsocci, is set to be appointed chief executive of the Italian fashion house, a source said on Thursday, confirming a local media report.
Tesla has told the Delaware Supreme Court that Elon Musk’s $56 billion pay package should have been restored last year through a shareholder vote, as the company appeals a lower court ruling that rescinded the CEO’s record compensation.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment