Yandex N.V. Successfully Completes Divestment of Russia-Based Businesses

Amsterdam, the Netherlands, July 15, 2024 — Yandex N.V., the parent company of the Yandex group, announced the successful second and final closing of its divestment from its Russia-based businesses. The deal, valued at approximately USD 5.4 billion, was reached with a purchaser consortium on February 4, 2024, and included payment in cash and Class A shares of Yandex N.V.

The final stage saw Yandex N.V. sell its remaining 28% stake, receiving 94.9 million Class A shares and USD 180 million in cash. The total cash proceeds from the transaction amounted to USD 2.8 billion, along with 162.5 million Class A shares. Consequently, Yandex N.V. has completely severed its ties with its Russian operations.

The company clarified that the Class A shares received as consideration will be held in treasury for future equity incentive plans and financing purposes. Additionally, Yandex completed the delisting of its Class A shares from the Moscow Exchange on July 10, 2024, with shares now solely listed on NASDAQ.

Moving forward, the retained businesses will operate under the name Nebius Group, subject to shareholder approval. Yandex plans to release more details about these businesses, along with introductions of the new management team and extended Board of Directors.

John Boynton, Chairman of Yandex, expressed gratitude to the employees, clients, and partners, while acknowledging the efforts of the deal team led by Vadim Marchuk, who will step down this fall.