LONDON, Feb 5 Reuters Nasdaqlisted technology company Yandex NV on Monday said it had agreed a 475billionrouble 5.21 billion cash and shares deal to sell its Russian assets to a consortium of Russian investors, including a fund ultimately owned by oil major Lukoil.

Often referred to as Russia39;s Google, tech firm Yandex developed leading online services, including search, advertising and ridehailing, and was one of the few Russian companies with the potential to become a global business until Moscow invaded Ukraine in February 2022.

The deal would see the country39;s largest technology player fall entirely under Russian ownership, cementing Yandex39;s departure from the Western tech circles it once courted.

Yandex and the Kremlin have been engaged in negotiations for around 18 months to try and spin off Yandex39;s Russian businesses from its Dutch parent company, Yandex NV.

The sale price reflects a mandatory discount of at least 50 to 39;fair value39;, Yandex NV said. Russia39;s government must approve deals involving foreign asset sales and demands a discount of at least 50.

For the deal, Yandex39;s market capitalisation was calculated as 10.2 bln, based on a threemonth weighted average for Yandex shares on Moscow Exchange. In late 2021, prior to Russia39;s invasion, Yandex39;s market capitalisation had approached 30 billion.

Almost 88 of Yandex39;s ownership structure is currently freefloat, with many Western funds among its shareholders.

Yandex NV said the…