It is planned to offer shareholders of the Dutch Yandex NV several options to separate the Russian and international businesses of the company, writes Bloomberg, citing a source. We are talking about raising cash, keeping a stake in the Russian division or receiving shares in international start-ups.
In the fall, Yandex confirmed plans to restructure business management. Parent company Yandex NV will stand out as a separate group, and Russia’s Yandex should become part of a new parent structure.
According to the agency’s interlocutors, Yandex NV shareholders will be offered to keep their stake in the Russian business or receive cash. Investors will also be able to claim shares of Yandex startups, which will go international.
The shares of the Russian division will be offered to Russian investors. They will be able to get them in exchange for shares in the parent company. This scenario is implemented on the condition that Yandex NV finds a buyer for the Russian assets.
The main contenders for the acquisition of the business were the co-owner of Lukoil Vagit Alekperov, the owner of Severstal Alexei Mordashov and the structures of Vladimir Potanin. VTB also joined the consortium to buy a stake in Yandex.
According to sources, Yandex’s board of directors discussed possible options for an agreement to sell 51% of Russian assets the day before, May 24. However, no decision could be reached at the meeting.
Russian investors own 20% of Yandex. In case of agreement, the Dutch company Yandex NV will retain around a third of the Russian business.
After that, the company will establish new international structures that will deal with unmanned vehicles, cloud technologies and the field of online education.
If such a scenario is successful, investors will be offered three options. Those who want to receive cash will receive funds from the sale of the Russian division.
According to a Forbes source familiar with the details of the discussion, various options are now being considered for all shareholders. However, not all of them are really achievable. The interlocutor of the publication notes that the creation of a new company in the Netherlands is not planned, which would receive licenses for a number of Russian business areas.
“They [лицензии] will be transferred to Yandex NV, which will change its name after the restructuring. At the same time, the technologies themselves and all rights to them will remain in the Russian Yandex,” the Forbes interlocutor said.
Author:
Natalia Gormaleva
Source: RB
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