Prior to this, Yandex NV (YNV), the parent company of Yandex, a major online service provider in Russia with its headquarters in the Netherlands, announced the sale of its entire business in Russia to a group of investors in Russia. The latest update from Yandex NV confirms that the deal has been successfully completed.
The total value of the deal amounts to approximately 5.4 billion dollars, with returns in both cash in Chinese yuan and YNV’s Class A shares. This transaction now means that YNV no longer operates any business in Russia.
To reflect the sale of the entire Yandex business, Yandex NV in the Netherlands, which still operates technology businesses in Europe including AI on the cloud, autonomous vehicles, data management, and educational technology, will be rebranded as Nebius Group and will cease the use of the Yandex name starting from July 31 onwards.
Source: Reuters
TLDR: Yandex NV sells entire business operations in Russia to local investors. Yandex NV in the Netherlands to rebrand as Nebius Group and cease using the Yandex name.
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