25 Nov 2022 17:18

Yandex preparing to restructure, Dutch parent co could divest ownership of Russian business

MOSCOW. Nov 25 (Interfax) - Yandex might soon carry out a corporate restructuring, whereby its Russia and international businesses will be split.

The Internet company said in a press release that Yandex N.V ., the Dutch parent company of the Yandex group, could divest ownership of the Russian business. The international divisions of certain services, including self-driving technologies, cloud computing, data labeling, and ed-tech, would develop independently from Russia. Yandex N.V. would in due course be renamed, with the business to be divested retaining exclusive rights for the use of the Yandex brand.

The restructuring could see Yandex N.V. divest ownership and control of all other businesses in the Yandex Group, including search and advertising, mobility, e-commerce, food-delivery, delivery, entertainment services and others in Russia and international markets. This would involve "transferring certain elements of governance to management," however Yandex did not specify what it ment by this, and other details have yet to be disclosed.

The restructuring would be subject to the approval of Yandex N.V. shareholders at a meeting yet to be scheduled.