Yandex parent company to review ownership of Russian tech giant, to seek divestiture

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MOSCOW (Reuters) – The Dutch holding company of Russian internet giant Yandex said on Friday it planned to divest ownership and control of most of Yandex Group, with the international divisions of some services to be developed outside of Russia.

Yandex NV said it had initiated a “strategic process to review options to restructure the group’s ownership and governance in light of the current geopolitical environment”.

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“As part of the intended restructuring of the group, the board expects Yandex NV to be renamed in due course, with the divested company retaining exclusive rights to use the Yandex brand,” Yandex NV said in a statement.

Russian President Vladimir Putin and former finance minister Alexei Kudrin addressed the future of Yandex at an overnight meeting, three people familiar with the matter told Reuters on Friday.

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Yandex NV said that the strategic process is in a preliminary stage and any changes will ultimately require shareholder approval.

(Reporting by Alexander Marrow; Editing by Kevin Liffey)

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