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Dutch Yandex N.V. mulls selling all its assets in Russia at once — Reuters

Yandex is also considering an option when the Russian management takes control over the company

THE HAGUE, November 14. /TASS/. Dutch Yandex N.V, the parent company of the Russian internet and technology company Yandex is considering the possibility of selling all its Russian assets at once, Reuters reported citing sources.

According to the sources, the transaction amount will be about $5-6 billion. It implies not only the sale of a controlling stake in the company. Yandex NV may sell 100% of a holding company set up in Russia's Kaliningrad region, which will lead to a complete severance of the company's ties with Russia, sources say.

Yandex declined to comment to TASS.

About Yandex restructuring

On November 25, 2022, Yandex announced that businesses of self-driving cars, cloud technologies and educational services would continue functioning in Russia and their international divisions would be developed independently

The parent company, Yandex N.V., announced plans to eventually withdraw from the shareholders of this group of companies by changing its name.

Yandex is also considering an option when the Russian management takes control over the company.

According to the RBC publication, management and consultants of the Dutch Yandex N.V. are discussing several restructuring options as part of the spin off of the Russian business into a separate legal entity and possibly attracting investors into its capital.

On May 23, 2023, the head of VTB, Andrey Kostin, told reporters that the bank had become a member of a consortium to purchase a stake in Yandex, but the size of the bank’s stake in it would still be discussed. Kostin said that the deal could be closed by the end of the year, but did not specify its amount. He did not disclose the other participants in the consortium. However, in mid-June, the head of VTB said that the bank would not participate in the transaction to purchase a stake in Yandex, but was ready to take the asset under its management.

The Yandex press service told TASS then that all the details were still being worked out, and all possible changes must subsequently be approved by the company's shareholders.

In late May, it was reported that Yandex had received applications from potential investors to purchase various stakes in the company. The applications would be checked for compliance with sanctions restrictions.

It was decided, new investors will not have control over the company - Yandex management will retain control. In turn, projects for the development of unmanned vehicles, cloud technologies and educational services of Yandex will continue to work in Russia, and their international parts will be separated into independent companies under the management of Yandex N.V.