An unknown buyer entered into agreement to acquire Substantially all of the remaining assets in Russia of EPAM Systems, Inc. (NYSE:EPAM) on September 7, 2022. Russia segment of EPAM Systems, Inc. reported a revenue of $165.4 million and operating profit of $32.5 million for the year ended December 31, 2021. As of February 24, 2023, the long stop date of the agreement has passed and parties are currently renegotiating the terms of that sale agreement as well as exploring other strategic alternatives.

As on April 7, 2023, EPAM amended and restated the agreement to sell substantially remaining holdings in Russia, including cash and cash equivalents, to a third party. The timing and completion of a sale remains uncertain and any sale would be subject to customary closing conditions, including regulatory approvals by the Russian and U.S. governments. Subsequent to March 31, 2023, the required approvals from the Russian government were received to proceed with the sale.