Russia's Google finishes separation from Western parent
The Dutch parent company of the Russian tech giant Yandex has revealed that an agreement has been reached to sell its operations in Russia. For more details, visit RT.com.
TroibNews 
The parent company of Russia's foremost search engine, Yandex, headquartered in the Netherlands, recently completed the sale of its Russian operations. This transaction transfers complete ownership of one of Russia's primary tech entities to domestic hands.
The company stated that it has disposed of the remaining 28% stake in its Russian operations and 162.5 million Class A shares for $2.8 billion.
Since last year, Yandex NV has been working on disassociating from its Russian segment, which is responsible for the majority of its earnings, and aiming to separate various of its international ventures.
This year, the company finalized an agreement to transfer its Russian operations to a consortium of local investors and to detach its primary global initiatives through a transaction valued at $5.2 billion.
May marked the completion of the transaction's initial phase, wherein Yandex NV handed over 68% of IPJSC Yandex shares to private stakeholders.
The ownership of Yandex's Russian operations is now in the hands of a consortium, which includes the company's top executives and Russia's leading private oil firm, Lukoil. Meanwhile, the company based in the Netherlands plans to undergo a rebranding and will retain several businesses focused on the international market, led by previous Yandex executives.
After shareholder approval, the Netherlands-based entity is set to be renamed Nebius Group and will discontinue the use of Yandex branding by July 31.
According to Bloomberg, Arkady Volozh is slated to return as the CEO of Yandex NV, although an official announcement has yet to be made. Volozh, who moved to Israel in 2015 and has stayed away from Russia since the conflict in Ukraine, stepped down from his CEO role following EU sanctions in 2022. These sanctions were later revoked in March, after he publicly criticized Moscow’s military actions.
Finally, the Dutch company is gearing up to launch a new branch focused internationally, which will manage technology development for autonomous driving, cloud services, data labeling, and educational technology projects.
Lucas Dupont for TROIB News
The company stated that it has disposed of the remaining 28% stake in its Russian operations and 162.5 million Class A shares for $2.8 billion.
Since last year, Yandex NV has been working on disassociating from its Russian segment, which is responsible for the majority of its earnings, and aiming to separate various of its international ventures.
This year, the company finalized an agreement to transfer its Russian operations to a consortium of local investors and to detach its primary global initiatives through a transaction valued at $5.2 billion.
May marked the completion of the transaction's initial phase, wherein Yandex NV handed over 68% of IPJSC Yandex shares to private stakeholders.
The ownership of Yandex's Russian operations is now in the hands of a consortium, which includes the company's top executives and Russia's leading private oil firm, Lukoil. Meanwhile, the company based in the Netherlands plans to undergo a rebranding and will retain several businesses focused on the international market, led by previous Yandex executives.
After shareholder approval, the Netherlands-based entity is set to be renamed Nebius Group and will discontinue the use of Yandex branding by July 31.
According to Bloomberg, Arkady Volozh is slated to return as the CEO of Yandex NV, although an official announcement has yet to be made. Volozh, who moved to Israel in 2015 and has stayed away from Russia since the conflict in Ukraine, stepped down from his CEO role following EU sanctions in 2022. These sanctions were later revoked in March, after he publicly criticized Moscow’s military actions.
Finally, the Dutch company is gearing up to launch a new branch focused internationally, which will manage technology development for autonomous driving, cloud services, data labeling, and educational technology projects.
Lucas Dupont for TROIB News
