Yandex NV plans to relaunch under a new brand in early 2024 – Kommersant
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The Dutch Yandex NV, the holding company of Yandex, has begun posting vacancies on LinkedIn, from the description of which it follows that the international business structure is planned to be relaunched under a new name. Estimated date is early 2024.
“As part of the current transition process, known as Project LEFT, we are creating a new company that intends to become a leading player in the technology market in Europe and the Middle East,” reads the job description for a document workflow specialist. Project LEFT is the working title of the corporate restructuring project itself.Interfaxa source familiar with its terms.
The issue of restructuring Yandex – the division of business into international and Russian – is planned to be submitted for consideration by shareholders during 2023. As a result of the restructuring, the Russian business will be transferred to the “management department”, and Yandex NV will leave the number of business owners in the Russian Federation.
“Yandex” introduced plans to change the company’s management structure in November 2022. According to Bloomberg, interest in buying 51% of Yandex showed LUKOIL founder Vagit Alekperov and Interros owner Vladimir Potanin. Also interested in the purchase of a stake in VTB.
Revenue of “Yandex” year-on-year for the second quarter of 2023 grew by 55%, to 182.5 billion rubles. Adjusted EBITDA decreased by 4% to RUB 24.7 billion, while net income decreased by 27% to RUB 9.6 billion.
Read more in the publication “Kommersant” “Yandex” multiplied “Plus” by plus”.
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