Jakarta, CNBC Indonesia – Yandex’s Dutch parent company is considering selling all its assets in Russia.
They plan to sell all their assets, not just the controlling stake. This step was taken ahead of the completion of the agreement between the two parties before the end of the year.
Yandex, often referred to as “Russia’s Google”, was one of the few Russian companies with the potential to become a global business, before Moscow started war with Ukraine in February 2022.
Yandex dominates the taxi and online advertising sectors in Russia. Its ride-hailing service operates in 8 African countries and the company has tested self-driving cars in Israel and the United States.
Under pressure to meet Kremlin demands for content, Yandex sold its news aggregator and other online resources to state-controlled rival VK in late 2022.
These controls were carried out in an effort to depoliticize his business. Then, they started working on restructuring the company.
With a council meeting in Dubai scheduled for late November, the parties involved hope to reach an agreement in December.
Quote Reuters, any deal would ultimately require approval from shareholders and the Russian government. Yandex declined to comment on the matter.
The restructuring plan of Yandex’s Dutch parent company, NV, aims to recoup some shareholder funds with the sale of its main revenue-generating Russian businesses, such as vehicle search and booking operations.
The company then plans to develop four other business lines internationally.
Yandex NV is expected to sell 100% of the holding company founded in Russia’s Kaliningrad region, one of the sources told Reuters. Another source said a complete exit from Yandex NV was very likely, although it had not yet been decided.
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