(Provides a 3rd supply on restructuring plans in paragraph 9, background in paragraphs 2-3)
MOSCOW, Dec 25 (Reuters) – The completion of Nasdaq-listed Russian tech firm Yandex’s restructuring is anticipated to be postponed till early 2024, three sources acquainted with the negotiations advised Reuters on Monday.
Also known as “Russia’s Google”, tech agency Yandex was one of many few Russian firms with the potential to turn out to be a worldwide enterprise till Moscow despatched troops into Ukraine in February 2022.
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 in the end requires approval from shareholders and Russia’s authorities.
Yandex declined to touch upon the restructuring course of.
The corporate is aiming to recoup shareholder funds by the sale of its important revenue-generating Russian companies, comparable to its search and ride-hailing operations. It then plans to develop 4 different enterprise strains internationally.
One of many sources, talking on situation of anonymity as a result of the knowledge shouldn’t be public, mentioned the corporate had made “nice progress” and handed all of the paperwork to attorneys, but it surely was not clear the work can be accomplished this month.
One other supply mentioned the purpose 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 bizarre and most well-liked shares of a brand new firm known as MKAO Yandex, which is being arrange within the metropolis of Kaliningrad as a part of the restructuring. (Reporting by Darya Korsunskaya, Alexander Marrow and Gleb Stolyarov; writing by Vladimir Soldatkin; enhancing by Barbara Lewis)
