The move comes amid a restructuring of the tech giant’s Russian and international business
A food delivery service courier rides a bicycle, Moscow. © Global Look Press / Konstantin Kokoshkin
Russia’s largest internet company, Yandex, will give investors a choice between retaining a stake in its Russian business, receiving a share of the tech giant’s international startups, or taking cash, Bloomberg reported on Thursday, citing sources familiar with the matter.
The company’s shares rose 5.3% on the news on Thursday, to trade at 2,309 rubles ($29) per share at 12:23 pm GMT on the Moscow Stock Exchange.
The Dutch-registered company is reportedly seeking to divest its Russian business, which generates the lion’s share of revenue, and to spin off a number of its international startups. The unnamed sources also told the agency that any decisions on options for a swap would require an approval by two thirds of shareholders.
Earlier this week, Yandex’s board discussed the framework of a possible deal to sell a 51% stake in its Russian asset. No decision has been made so far, sources have told the media, adding that some 20% of the company is currently held by Russians who can trade on the Moscow Exchange.
If the deal to sell the stake in the Russian business is approved and the local shareholders agree to the swap, the Dutch entity would hold around one-third of the Russian unit, according to the sources.