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    YNDX   NL0009805522


Delayed Nasdaq  -  04:00:00 2022-02-25 pm EST
18.94 USD   -6.79%
01/31Russian tech giant Yandex says code leaked in cybersecurity incident
01/31Yandex N : comments on cybersecurity incident
01/31Yandex N : comments on cybersecurity incident - Form 6-K
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Yandex parent to review ownership of Russian tech giant, seek divestment

11/25/2022 | 09:16am EST


This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.

(Adds detail throughout, quotes)

MOSCOW, Nov 25 (Reuters) - Russian internet giant Yandex's Dutch holding company on Friday said it planned to divest ownership and control of most of Yandex Group, with the international divisions of some services to be developed outside Russia.

Since Russia launched what it calls a "special military operation" in Ukraine in late February, Nasdaq-listed Yandex, often referred to as "Russia's Google", has grappled with domestic pressure on one side and its Western investors on the other, prompting speculation about its future.

Dutch-registered Yandex N.V. said in a statement it was reviewing options to "restructure the group's ownership and governance in light of the current geopolitical environment". Yandex's Moscow-listed shares fell 4.8%.

The announcement came hours after Russian President Vladimir Putin and former finance minister Alexei Kudrin addressed Yandex's future in a late-night meeting, three people familiar with the matter told Reuters.

Sources told Reuters that Kudrin, a long-time colleague of the president, is expected to leave his role as head of Russia's Audit Chamber to take up a position with Yandex. One of the sources said that could happen in the coming weeks.

Kremlin spokesman Dmitry Peskov said he could not confirm whether the meeting had taken place or not. The Audit Chamber declined to comment.

"Kudrin is someone who the company feel is a good person to navigate this because he is liberal enough to understand that Russia needs a private internet company, free from nationalisation, and who has credibility in Putin's eyes," one of the sources said.

Another source, close to Kudrin, said: "This is the best option for the company, which can provide it with maximum business neutrality. On the one hand, to continue developing in the country ... and on the other, not to lie under state (control)."

Almost 88% of Yandex's ownership structure is free-float, with many Western funds among shareholders.


Yandex has faced criticism this year for complying with Russian law in restricting access to online resources banned by the state. In February, Yandex, which has denied being complicit in censorship, started warning Russian users seeking information about events in Ukraine of unreliable information online.

The Russian government in September tightened its grip on the internet, when Yandex sold its news feed and homepage to state-controlled rival VK.

Yandex N.V. said the strategic process was at a preliminary stage and that any changes would ultimately require shareholder approval. The board expects Yandex N.V. to be renamed in due course, with the business to be divested retaining exclusive rights for the use of the Yandex brand.

The company has set up a special committee charged with exploring various scenarios, including developing the international divisions of Yandex's self-driving technologies cloud computing, data labelling, and edtech independently from Russia.

The Dutch parent said it would seek to divest ownership and control of all Yandex Group's other businesses, which include the company's dominant search and advertising unit, as well as ride-hailing and e-commerce. (Reporting by Alexander Marrow, Darya Korsunskaya and Polina Devitt; Editing by Kevin Liffey and Emelia Sithole-Matarise)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -2.75% 104.78 Delayed Quote.22.11%
NASDAQ COMPOSITE -1.59% 12006.95 Real-time Quote.14.72%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.11% 70.55 Delayed Quote.-2.67%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD -0.52% 30.78 Delayed Quote.27.01%
YANDEX N.V. -6.79% 18.94 End-of-day quote.0.00%
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Analyst Recommendations on YANDEX N.V.
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Sales 2021 356 B 4 290 M 4 290 M
Net income 2021 -14 669 M -177 M -177 M
Net Debt 2021 33 738 M 406 M 406 M
P/E ratio 2021 -112x
Yield 2021 -
Capitalization 569 B 6 848 M 6 848 M
EV / Sales 2020 7,72x
EV / Sales 2021 4,66x
Nbr of Employees 18 004
Free-Float 88,5%
Duration : Period :
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Income Statement Evolution
Managers and Directors
Svetlana Demyashkevich Chief Financial Officer
John Wilson Boynton Non-Executive Chairman
Vadim Marchuk Chief Operating Officer
Charles Emmitt Ryan Independent Non-Executive Director
Alexander Stalyevich Voloshin Independent Non-Executive Director
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