Yandex NV renamed Nebius Group after Russia split

MOSCOW (Reuters) - Yandex (NASDAQ:YNDX ) NV, the Dutch company that finalised a split from Russian technology giant Yandex last month, has renamed itself Nebius Group after the change received shareholder approval, it said on Friday.

A Russian consortium of buyers in July finalised a $5.4 billion cash and shares deal to acquire Yandex's Russia-based assets in the largest corporate exit since Russia's invasion of Ukraine in February 2022, albeit at a hefty discount.

Freed from its ties to Russia, Nebius hopes to help lead the drive to build infrastructure underpinning artificial intelligence, founder Arkady Volozh told Reuters in July.

Volozh's appointment as CEO was approved by shareholders, Nebius said. The company also approved a share buyback.

Nebius hopes trading of its Nasdaq-listed shares will resume in the coming months under a new ticker.

Source: Investing.com