“Yandex” officially announced plans for the division of assets

“Yandexannounced plans to split the group’s assets, the internet company said in a statement. Some businesses, including autonomous cars, cloud technologies, etc., will continue to operate in the Russian Federation, but their international parts will be separated into independent legal entities managed by a company in the Netherlands.

“Yandex NV is considering the possibility of separating the main part of the business, including a number of foreign areas, into a separate group of companies that will retain the Yandex brand. The Dutch Yandex NV plans to eventually withdraw from the shareholders of this group of companies and change its name, ”the Yandex press service said. Such a scheme implies a decision of the board of directors “on preliminary intentions.”

“The possibility of changing the corporate structure is also being considered, in which the management of the spun-off group of companies will be transferred to the management of Yandex,” the company announced. The changes will allow it to continue to focus on building technology products and services.

The changes suggest that the autonomous car, cloud technology, educational services, and data labeling platforms businesses will continue to operate in the Russian market, but their international parts will be spun off into independent companies managed by Yandex NV

“Yandex will continue to develop as a private independent group of companies, operate on the open market and compete with local and global players,” the company’s press service assured.

The details of the changes have not yet been announced. “All proposed changes will have to be approved by Yandex NV shareholders,” the company’s press service added.