The Dutch company Yandex N.V. has sold its Russian assets and completely withdrawn from the shareholders of the company "Yandex." This was reported by the company's press service.
Until July 31, 2024, Yandex N.V. will change its name and will no longer operate under the Yandex brand. Among the likely new names is Nebius Group, but the final decision has to be agreed upon by the shareholders.
According to information received from Bloomberg sources, Arkady Volozh, one of the founders of Yandex, will take the position of CEO of Nebius Group.
The deal involves the transfer of the entire Yandex business in Russia and most of its projects abroad to a consortium of Russian investors and managers. The deal amounted to 475 billion rubles.
The first stage of the sale of the Russian business was completed in May. In June, Yandex updated its board of directors.
ICPCAO "Yandex" is the new parent company of Yandex, its main owner is ZPIF "Consortium.First." The ticker of ICPCAO "Yandex" on the Moscow Exchange is YDEX; trading in the company's shares will begin on July 24.
Yandex stated that they will continue to develop search, city, entertainment and educational services, cloud technologies and artificial intelligence, as well as autonomous transport.
It is worth noting that the announcement of the sale of Yandex N.V. was made on February 5, 2024.
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Dutch company Yandex N.V. sells Russian Yandex - what's happening
