© Reuters. FILE PHOTO: The logo of Russian technology giant Yandex is displayed at the company's headquarters in Moscow, Russia, December 9, 2022. REUTERS/Evgenia Novozhenina/File Photo
MOSCOW (Reuters) – The termination of the Nasdaq-listed Russian technology company yandex (NASDAQ:) restructuring is expected to be delayed until next year, two sources familiar with the negotiations told Reuters on Monday.
Dutch holding company Yandex NV has been working on a restructuring for months, as it tries to ensure that some of its companies retain access to Western markets despite sanctions against Moscow over the conflict in Ukraine.
The agreement was initially expected to be reached in December. Ultimately, any deal requires approval from shareholders and the Russian government.
Yandex declined to comment on the restructuring process.
The company aims to recoup its shareholders' funds by selling its core revenue-generating Russian businesses, such as its search and ride-hailing operations. Subsequently, it plans to develop four other lines of business internationally.
One of the sources, who spoke on condition of anonymity because the information is not public, said the company had made “great progress” and handed over all documents to lawyers, but it was not clear that the work would be completed this month.
Another source said the goal now was to close the deal in the first quarter.
On Monday, Russia's central bank recorded an issuance of common and preferred shares of a new company called MKAO Yandex, which is being created in the city of Kaliningrad as part of the restructuring.
