The anticipated completion of Yandex’s restructuring, a Nasdaq-listed Russian tech company is likely to be postponed until early 2024, Reuters reported.
Often dubbed ‘Russia’s Google’, Yandex has been in talks with the Kremlin for over a year to separate its Russian businesses from its Dutch parent company, Yandex NV.
The restructuring, initially set for December, is a strategic move by Yandex NV to ensure certain businesses maintain access to Western markets amid sanctions related to the conflict in Ukraine.
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While progress has been made, the company is now eyeing a resolution in the first quarter of 2024.
The delay in restructuring indicates the challenges faced by Yandex and it remains impacted by geopolitical tensions following Russia’s military intervention in Ukraine in February 2022.
Yandex aims to divest its main revenue-generating Russian businesses, including search and ride-hailing operations, to recover shareholder funds. The company then plans to focus on developing four other business lines on the international stage.
Approval from shareholders and the Russian government remains a prerequisite for any finalised deal.
The company has been working for months on the restructuring to ensure compliance with Western sanctions while maintaining strategic business interests.
Reuters cited an anonymous source, who revealed progress made in handing over documents to lawyers. The source further acknowledged uncertainty about the completion within the month.
Another source indicated a revised goal to conclude the deal in the first quarter of 2024.
In a related development, Russia’s central bank registered an issuance of ordinary and preferred shares for a new entity named MKAO Yandex. This new company, formed in Kaliningrad as part of the ongoing restructuring, marks a crucial step in the transformation of Yandex’s business structure.
The registration aligns with the broader strategy to reposition key assets and streamline operations.
(With inputs from Reuters)
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