Netherlands-based Yandex N.V. exits capital of Russian Yandex

MOSCOW. July 15 (Interfax) - Netherlands-based Yandex N.V. (YNV) has closed the second stage of the deal to sell Yandex's Russian business, having sold the remaining 28% in the company, the holding said.

YNV has thereby received $2.8 billion and 162.5 million of its Class A shares upon closure of the deal.

YNV plans to change its name and cease using Yandex brands by July 31. The company will presumably be called Nebius Group, though the shareholders must approve any changes.

YNV delisted its shares from the Moscow Exchange on July 10, and the listing of its shares is still suspended on the Nasdaq. The company intends to announce changes as information becomes available.

YNV also intends to introduce its management team and an expanded board of directors in the near future. Bloomberg said that Arkady Volozh would return as CEO, having resigned from this position and other positions in the group immediately following the European Union imposing sanctions against him in 2022. The EU subsequently lifted the sanctions against Volozh in March 2024.

The respective parties closed the first stage of the deal in May 2024, when YNV sold 68% of the shares in IPJSC Yandex to the Consortium.First closed-end mutual fund, having previously sold an additional 3.7% of the shares to Yandex.Technologies LLC for the future employee-incentive program.