Yandex NV mulls spinning off Russian firm, selling to execs

MOSCOW, Nov 25 (PRIME) -- Dutch company Yandex N.V., the parent company of Russian internet giant Yandex, is considering spinning off the Russian group of companies and selling it to the local top executives, Yandex said in a statement on Friday.

“Yandex N.V. is considering spinning off the bulk of the business, including some foreign divisions, into a group of companies that would keep the Yandex brand. Dutch Yandex N.V. plans to withdraw from the group as a shareholder and then change its name,” the statement read.

Control over the Russian group of companies could be transferred to the local management, and the group will continue developing as an independent group of companies.

The foreign divisions of the Yandex business, including autonomous cars, cloud services, educational services and data separation platforms will be spun off in separate companies under the management of Yandex N.V., the Russian company said.

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