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Parent company Yandex seeks to restructure ownership, governance citing ‘geopolitical environment’


Yandex courier in transport.  Deliver products and other goods, shop online.  Russia Moscow March 23, 2022

Editing by Natalya Maisheva/iStock via Getty Images

Parent company of Russian technology company Yandex (NASDAQ:YNDX) speak on Friday that it would consider restructuring the group’s ownership and governance, citing the “current geopolitical environment” amid the country’s war with Ukraine.

In a statement, Yandex NV (YNDX) said a special committee has been tasked with exploring many potential scenarios, including developing international parts of some services, such as self-driving cars, cloud computing, recording educational technology and data label “independent of Russia”.

The Dutch company also mentioned that it could divest Yandex NV’s (YNDX) ownership and control over other business, including search and advertising, mobile, e-commerce, food delivery, and others.

The board also said Yandex NV would be renamed “reasonably sourced”, with the divested business retaining the exclusive right to use the Yandex brand.

“These are particularly difficult times,” said John Boynton, Yandex’s (YNDX) said the chairman. “Rest assured that as we analyze various strategic options, we will do everything we can to protect value for our public shareholders and maintain opportunities for 20,000 employees, who have made Yandex one of Europe’s most successful technology companies.”

The company added that this process is at a preliminary stage and does not guarantee that actions will be successfully taken, including finding a buyer for shares and operating the business/

On Friday, The New York Times report That Yandex (YNDX) reviewed these moves, adding that the plan to develop the aforementioned technologies stemmed from a lack of access to Western experts, markets and technology as a result of the war. .
At this point, it’s unclear if the plan will play out like Yandex (YNDX) needs Russia’s approval to move Russian-registered technology licenses out of the country, the Times reported, citing a person familiar with the matter.
The Times added that Yandex’s (YNDX) the plan is supported by Aleksei Kudrin, a confidant of Putin, the country’s chief government audit officer, who is acting for the company informally.

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