Russian billionaires in hunt for stakes in Yandex’s local assets

Nasdaq-listed Yandex, often dubbed “Russia’s Google”, has received bids from Russian billionaires for assets it is seeking to divest in the country that value them at some $14 billion, three people familiar with the matter told Reuters.

Vladimir Potanin, CEO and the largest shareholder of metals giant Nornickel, and Vagit Alekperov, cofounder and a major shareholder of oil major Lukoil, are among the bidders, the sources said.

Given Kremlin measures that oblige foreign companies leaving Russia to sell their assets at a 50% discount, Yandex’s Dutch-registered holding company Yandex NV – whose shareholders are mostly Western investment funds – could ultimately make some $7 billion from a full divestment, they said.