Dutch-owned Yandex Finalizes $5.4 Billion Sale of Russian Businesses, Arkady Volozh to Lead Nebius Group

Jul 16, 2024, 06:30 AM

Dutch-owned Yandex NV has finalized a $5.4 billion deal to sell its Russian businesses, marking a significant exit from the Russian market. The Amsterdam-based company, often referred to as the equivalent of Google in Russia, sold a 28% stake for $2.8 billion, completing the sale of most of its assets to a Russian consortium in May. Following the sale, Yandex has rebranded its remaining international operations as Nebius Group, with founder Arkady Volozh set to become CEO. Nebius Group, now headquartered in Amsterdam, is planning a share buyback.