Reuters announced that Yandex NV has decided to sell its entire Russian business while developing other projects internationally. The deal was initially planned to be completed in December this year, but estimates have been revised and management is now targeting the first quarter of 2024.
The restructuring is aimed at circumventing sanctions and providing some Yandex businesses with access to Western markets in an environment of “geopolitical tensions”. The company plans to sell its core revenue-generating businesses to Russia, including search and taxi services, to return funds to shareholders. In the future, Yandex plans to focus on the development of four international business areas.
Yandex refused to comment on the current status of the restructuring process.
Source: Ferra
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