Shareholders of Nebius Group (formerly Yandex NV) have approved the holding company’s board of directors, according to a statement from the company.
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Arkady Volozh announced plans to buy back shares in mid-July. It was later clarified that the share price under the buyback could reach $10.5 per share.
As a result of the purchase, the proportion of floating shares could reach 50%, the company said at the time. Nebius can therefore spend $857.3 million on the buyback.
During the annual meeting, shareholders also approved the new name of Nebius Group. They also approved the composition of the board of directors, which included Yandex co-founder Arkady Volozh, COO Ofir Neiv, former CEO and HR director of Yandex LLC Esther Dyson, as well as CEO and president of Diagnostic Robotics Kira Radinski.
- On July 15, 2024, after two years of negotiations and studying various scenarios, the agreement was signed to separate Yandex’s Russian and foreign businesses. The new owner of the Russian company was the closed consortium of mutual funds. The transaction amounted to 475 billion rubles. The Dutch Yandex NV withdrew from the shareholding and decided to change its name to Nebius Group.
- 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.
- After completing all activities related to the agreement, Arkady Volozh announced a complete severance of ties with Russia.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
