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The Dutch holding company behind Yandex NV (NASDAQ:YNDX) is reportedly contemplating a comprehensive sell-off of all its Russian assets rather than pursuing merely a controlling stake sale to finalize the deal before the year's end.
The intended strategy is to refocus on four international business lines following the sale.
Speculation among insiders indicates the possibility of Yandex NV completely exiting Russia, relinquishing control over its assets. Estimates suggest the deal's value may hover around 560 billion roubles ($6.18 billion), albeit subject to negotiations and potential discounts demanded by the Kremlin.
Citing another source, Reuters noted a deal value estimate of approximately $5 billion.
In May, sources told Reuters that Russian billionaires had put forward bids, offering around $7 billion for half of the company.
Recognized as "Russia's Google," Yandex was once poised to expand globally until geopolitical tensions escalated with the Ukraine conflict in February 2022.
The tech giant dominates Russia's taxi and online advertising industries and has made strides with its ride-hailing services in multiple African countries.
Additionally, it has been actively testing self-driving vehicles in Israel and the United States.
Facing pressure from the Kremlin regarding content regulations, Yandex sold off its news aggregator and other online assets to state-controlled rival VK in late 2022.
Subsequently, it embarked on a corporate restructuring initiative to depoliticize its operations.
Amid an approaching board meeting scheduled in Dubai at the end of November, stakeholders aim to reach an agreement by December. However, any prospective deal necessitates approval from both shareholders and the Russian government.
Yandex's proposed restructuring plan aims to retrieve shareholder funds by divesting its primary revenue-generating Russian entities, encompassing search and ride-hailing operations, Reuters noted.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
Posted In: YNDX
