Yandex spins off Yandex Market again

MOSCOW. Aug 16 (Interfax) - LLC Yandex has decided to reorganize through spinning off the Yandex Market marketplace, the company reported in the Federal Register of Legal Information on Operations of Legal Entities, Individual Entrepreneurs and Other Economic Actors (Fedresurs).

A same-name company, LLC Yandex Market, will be established after reorganization.

A Yandex representative told Interfax the reorganization is a technical procedure aimed to optimize the structure of the company's legal entities.

"The change will have absolutely no effect on Yandex Market operations, and the process will be seamless for service partners," he said.

Yandex Market was a separate legal entity from 2016 to 2021. Some of that period, the company was part of a joint venture between Yandex and Sberbank (the joint venture, Yandex Market B.V. was registered in the Netherlands). After dividing assets with Sberbank, Yandex decided to remerge the limited liability company.