February 21, 2024
The completion of Nasdaq-listed Russian tech firm Yandex‘s restructuring is anticipated to be postponed till early 2024, three sources accustomed to the negotiations advised Reuters on Monday.

Sometimes called “Russia’s Google”, tech agency Yandex was one of many few Russian firms with the potential to turn out to be a world enterprise till Moscow despatched troops into Ukraine in February 2022.

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For greater than a yr, Yandex and the Kremlin have been engaged in negotiations to strive spin off Yandex’s Russian companies from its Dutch dad or mum firm, Yandex NV.

Dutch holding firm Yandex NV has been engaged on a restructuring for months, because it tries to make sure a few of its companies retain entry to Western markets regardless of sanctions towards Moscow over the battle in Ukraine.

The deal was initially anticipated to be reached in December. Any deal finally requires approval from shareholders and Russia’s authorities.

Yandex declined to touch upon the restructuring course of.

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The corporate is aiming to recoup shareholder funds via the sale of its foremost revenue-generating Russian companies, reminiscent of its search and ride-hailing operations. It then plans to develop 4 different enterprise traces internationally. One of many sources, talking on situation of anonymity as a result of the data isn’t public, mentioned the corporate had made “nice progress” and handed all of the paperwork to legal professionals, nevertheless it was not clear the work could be accomplished this month.

One other supply mentioned the objective now was to finish the deal within the first quarter, whereas a 3rd supply mentioned it was anticipated in “the start of 2024”.

On Monday, Russia’s central financial institution registered an issuance of unusual and most well-liked shares of a brand new firm referred to as MKAO Yandex, which is being arrange within the metropolis of Kaliningrad as a part of the restructuring.