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FRANKFURT, Germany (AP) — The Dutch parent of pioneering Russian tech company Yandex is selling its operations in the country at a steeply discounted price of just over $5 billion to its Russia-based managers and oil company Lukoil, one of the biggest deals for Western-held companies to exit Russia since the invasion of Ukraine. He subsequently condemned Russia's invasion as “barbaric.” The Nasdaq exchange suspended trading in Yandex shares days after the invasion. After the sale, Yandex NV would be left with its international businesses — employing 1,300 people — including self-driving technology and generative artificial intelligence as well as a data center in Finland. Yandex NV Chairman John Boynton said the company had faced “exceptional challenges” since the start of the war. None of the purchasers have been sanctioned, Yandex NV said, and the cash part of the transaction would be conducted in Chinese yuan outside of Russia.

Persons: Vladimir Putin's, Arkady Volozh, Dmitry Peskov, ”, —, Alexander Chachava, Pavel Prass, Alexander Ryazanov, John Boynton, Boynton, McDonald’s, France’s Renault, Baltika Organizations: Western, Nasdaq, Yandex, Google, Yahoo, European Union, Companies, Baltika Breweries, Danone Locations: FRANKFURT, Germany, Russian, Russia, Ukraine, Moscow, Netherlands, Israel, Finland, Avtovaz, Western

☆ Yandex makes changes to financial team ahead of corporate restructuring
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - Internet company Yandex (YNDX.O) on Friday said it was making changes to its financial team in preparation for a potential corporate restructuring that should see it divest ownership and control of core, Russia-based businesses. Sources told Reuters last month that shareholders in Yandex's holding company, many of whom are Western investment funds, could be in line to make $7 billion from a full divestment of its Russian businesses. Svetlana Demyashkevich, CFO of Yandex's Dutch-registered holding company, Yandex NV will transition to the role of Senior Vice President of Finance, Yandex said. "In this capacity (Demyashkevich) will advise the board on financial matters and report directly to the Chairman John Boynton," Yandex said in a statement. Yandex NV hopes to sell the main revenue-generating businesses inside Russia and develop four newer units, self-driving technologies, cloud computing, data labelling and educational technology independently, internationally.

Persons: Svetlana Demyashkevich, Yandex, John Boynton, Alexander Balakhnin, Alexander Marrow, Louise Heavens Organizations: Reuters, Yandex's, Yandex, Finance, Thomson Locations: Russia, Yandex's

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