Yandex has received applications from potential investors for the purchase of various packages of economic shares in the company. All applications have already been reviewed by the Board of Directors. They will also be checked for compliance with the sanctions restrictions. This is stated in the company's message.
New economic investors will not have control over the company. As with the current corporate structure, Yandex management will retain control.
A final decision on the potential composition of economic investors has not yet been made. Yandex will disclose all the details, including the list of economic investors, when it is possible, the company noted.
Businesses of autonomous cars, cloud technologies, educational services and data markup platforms will continue to work in the Russian market. Their international parts will be allocated to independent companies under the management of Yandex N.V.
All changes proposed by the Board of Directors will have to be approved by the shareholders of Yandex N.V.
After all possible changes have been analyzed and recorded, Yandex will announce the details of the proposed restructuring. The options developed by the Board of Directors take into account the interests of all current shareholders, employees and the company.
Yandex is a Russian multinational company in the field of information technology.
Yandex's net profit for the first quarter of 2023 amounted to 5.78 billion rubles against a loss a year earlier. Revenue increased by 54% to RUB 163.27 billion from RUB 106 billion. Adjusted EBITDA amounted to RUB 12.79 billion against RUB 1.27 billion.
