Completion of the restructuring of Yandex’s Dutch holding company Yandex NV will be postponed until 2024. This was reported by three sources familiar with the progress of negotiations in an interview with the agency. Reuters.
According to one of the publication’s interlocutors, the company has made “great progress” and handed over all documents to lawyers. However, it is not yet known whether the work will be completed this month.
Another source noted that Yandex will try to complete the deal in the first quarter of 2024. The company declined to comment. According to the agency, Yandex is trying to ensure that some of its structures maintain access to Western markets despite sanctions against Moscow due to a special operation in Ukraine.
Previously, the agreement was planned to be completed by the end of 2022, that is, in December. In its third-quarter report, the IT company said it plans to submit a restructuring proposal for shareholders’ consideration by the end of 2023.
The publication reminds that any restructuring agreement will require the approval of both Yandex shareholders and the Russian government. Yandex declined to comment to Reuters and Forbes on the progress of the restructuring.
On December 25, the Central Bank registered the issuance of shares of the new company MKAO Yandex, which is being established in Kaliningrad.
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