An extraordinary meeting of Yandex LLC participants decided to spin off Yandex Market into a separate company,the Prime agency reports, citing Fedresurs.
Source: Yandex Market
“An extraordinary general meeting of participants of Yandex LLC made a decision to reorganize Yandex LLC by separating from it a new limited liability company, Yandex Market,” the statement said.
It is specified that after the completion of the reorganization, a new legal entity, Yandex Market LLC, will be created. Some of Yandex's rights and obligations will be transferred to Yandex Market LLC in accordance with the transfer act.
According to a representative of Yandex Market, this is a technical procedure to optimize the structure of the company's legal entities. He also assured that this change will not affect the work of the marketplace in any way.
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