the division of “Yandex” was postponed to the beginning of 2024
Completion of the Yandex business restructuring operation may be delayed until early 2024, Reuters reports citing three sources.
Initially, the operation was planned for December 2023. The Dutch Yandex NV, which is the parent company of the Yandex group, is considering various alternatives for reorganization starting in 2022.
According to the agency, the holding seeks to ensure the preservation of access of some of its subsidiaries to Western markets, despite the sanctions against Moscow.
One of the sources said that the company has made significant progress in the restructuring process and has submitted documents to lawyers. However, it is not known whether it will be possible to complete the work by the end of December. Another source claims that the holding is now aiming to complete the deal in the 1st quarter, while a third indicates a possible completion in early 2024.
Also, according to the agency, Yandex NV plans to reimburse part of the funds to shareholders by selling the holding’s key Russian assets, such as a search engine and a taxi aggregator.
On December 25, Yandex shares rose in price by 6.97% to a maximum of 2,455.8 rubles. Quotations reacted to the news that the Central Bank registered the issuance of ordinary shares and preferred classes A and B for the international company of the Yandex joint-stock company.