Yandex sells off Russian ops, now Putin itself about as Nebius Group
Yandex sells Russian operations for $5.4 billion, shifting focus beyond Russia. Co-founder criticizes Russia's actions in Ukraine. Arkady Volozh to lead Nebius Group. Transition includes separating from Russia and rebranding.
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Yandex has completed the sale of its Russian operations to a Netherlands-based entity for $5.4 billion, allowing the company to expand its customer base beyond Russia. The move comes after Yandex relocated its intellectual property out of Russia in 2022 due to geopolitical tensions and sanctions. Co-founder Arkady Volozh publicly criticized Russia's invasion of Ukraine in 2023 and will now lead the newly formed Nebius Group as CEO. The sale agreement was finalized on February 4, 2024, with Yandex selling its remaining stake for $2.8 billion in cash and shares. The transition involved a two-year effort to separate from Russia and restructure the business into a collection of AI-focused ventures, excluding the search engine. Yandex will no longer use its brand name after July 30, marking the end of its ties with Russia. John Boynton, chairman of Yandex NV, stated that the completion of the divestment signifies the company's disconnection from Russia.
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