Arkady Volozh announced the plans of the Nebius Group to carry out a buyback

Earlier, the media reported that the Dutch company Yandex NV will be renamed Nebius Group, which will be headed by Arkady Volozh. The deal to sell the assets of the Russian company Yandex was closed on July 15. As a result of the transaction, Nebius Group received $2.8 billion and 162.5 million of its Class A shares.

“We now have an incredible opportunity to invest in building a leading player in the AI ​​infrastructure market in Europe with annual revenue potential in the billions of dollars,” the press release says, clarifying that the company is headed by Arkady Volozh.

It is also noted that the company has around $2.5 billion and no debt.

Three projects are being brought together under the Nebius brand: Toloka, TripleTen and Avride. It is noted that they will continue to operate under their own brands.

Roman Chernin, who worked at Yandex for 12 years, became the commercial director. Andrey Korolenko took over as the Director of Business and Infrastructure, and Ofir Naveh took over as the Director of Operations.

As Bloomberg writes, referring to Arkady Volozh, the company is planning to carry out a buyback.

Volozh said Nebius will focus on commercial AI infrastructure in Europe.

“We hope that investors will want to follow us in a new direction, but those who don’t want to should be able to leave,” said the Nebius director.

It also announced plans to resume trading on the Nasdaq.