14 Dec 2022 12:14

Yandex restructuring likely to need investment commission approval, no request made yet - minister

MOSCOW. Dec 14 (Interfax) - The planned restructuring of Yandex, which will see Russian internet company split its Russian and international businesses, will probably need the approval of the government's foreign investment commission, Digital Transformation, Communications and Mass Media Minister Maksut Shadayev told reporters.

"Yes, probably. But we have not received any materials yet," Shadayev said.

Yandex at the end of November announced potential changes to its corporate structure, whereby Yandex N.V ., the group's Dutch parent company, 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 meant by this.

Alexei Kudrin, who has stepped down as chairman of the Russian Accounts Chamber, has moved to Yandex to serve as a corporate development advisor.

It is not yet known when the corporate restructuring might take place, but it would need the approval of shareholders. Yandex will hold its annual general meeting of shareholders on December 22, but restructuring is not on the agenda.