In a major development, Yandex MPKAO has announced that the Dutch company Yandex NV has completed the sale of the Yandex business and has entirely withdrawn from the group’s shareholders. This news was confirmed through a statement on the company’s website.
Key Changes in Yandex’s Structure
By July 31, 2024, Yandex NV will undergo a name change and will cease using the Yandex brand. The company’s former foreign assets, now operating independently, are set to be developed under the new Nebius Group brand, pending shareholder approval. Arkady Volozh, co-founder of Yandex, will take on the role of CEO for these former foreign startups.
The newly established MKPAO Yandex will serve as the new parent company. Its principal owner is ZPIF Consortium.First. MKPAO Yandex will be listed on the Moscow Exchange under the ticker YDEX, with trading of the company’s shares commencing on July 24.
Alexey Kudrin’s Statement
Alexey Kudrin shared his thoughts on the transition via his Telegram channel:
“Today, the deal to buy Yandex from the Dutch Yandex NV was closed. Now 100% belongs to Russian shareholders. Yandex NV will change its name by July 31, and only one Yandex will remain, which will begin trading on the Moscow Exchange on July 24 under the ticker YDEX. And I remain an advisor to the company.”
Future Prospects
Yandex continues to make strides in various fields including search, city services, entertainment and educational services, cloud technologies, artificial intelligence, and autonomous transport. These areas remain a focal point for the company as it moves forward under the new structure.
This significant restructuring marks a new era for Yandex, ensuring it remains a key player in the tech industry with a strong emphasis on innovation and development.
Source: Yandex