Yandex is considering the possibility of separating the main part of the business into a separate group of companies

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AK&M 25 November 2022 18:27

The Board of Directors of Yandex N.V. announced preliminary intentions to make changes to the ownership structure and corporate governance. This will allow Yandex to continue to focus on creating innovative technological products and services, as well as to develop the company in the interests of its users, employees and shareholders, the company said in a statement.

Yandex N.V. is considering the possibility of separating the main part of the business, including a number of foreign destinations, into a separate group of companies that will retain the Yandex brand. The Dutch Yandex N.V. plans to eventually withdraw from the shareholders of this group of companies and change its name.

The possibility of changing the corporate structure is also being considered, in which the management of the allocated group of companies will be transferred to Yandex management.

These changes will help ensure the sustainable development of Yandex businesses in all markets. Yandex will continue to develop as a private independent group of companies, work on the open market and compete with local and global players, the report says.

Businesses of autonomous cars, cloud technologies, educational services and data markup platforms will continue to operate on the Russian market, but their international parts will be separated into independent companies under the management of Yandex N.V.

The detailed terms of all possible changes will be disclosed later. All proposed changes will have to be approved by Yandex N.V. shareholders, the company added.

Yandex is a Russian multinational company in the field of information technology. The Yandex search engine is the fourth among the world's search engines in terms of the number of requests processed.

Yandex's profit for 9 months of 2022 amounted to 40.56 billion rubles against a loss of 11.79 billion rubles a year earlier. Adjusted net profit increased by 87% to RUB 10.02 billion from RUB 5.36 billion. Revenue increased by 45% to RUB 356.9 billion from RUB 245.8 billion, adjusted EBITDA increased to RUB 46.97 billion from RUB 22.4 billion.