Dutch company Yandex NV proposes 50% buyback after split from Russian tech giant

Reuters07-18

July 18 (Reuters) - Yandex NV , the Dutch company created through a deal to split the assets of Russian technology giant Yandex, on Thursday proposed a buyback for investors holding its dormant shares on Nasdaq.

In an AGM notice, YNV, which is renaming to Nebius Group, asked shareholders to approve a buyback of a maximum of 81,648,455 class A Shares, or 50%, at a purchase price no lower than the nominal value of the shares and no higher than $10.50 per share.

A Russian consortium of buyers on Monday finalised a $5.4-billion cash and shares deal to acquire Yandex's Russia-based assets, which had been held through Nasdaq-listed Dutch parent Yandex NV (YNV), the largest corporate exit since Russia's invasion of Ukraine in February 2022, albeit at a hefty discount.

(Reporting by Alexander Marrow Editing by David Goodman )

((alexander.marrow@thomsonreuters.com;))

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