Nebius Group, has announced plans to buy back shares following the successful sale of its Russian operations. The technology giant is reshaping itself to become Europe's leading commercial provider of artificial intelligence infrastructure.
In an exclusive interview from Amsterdam, Arkady Volozh, founder and CEO of the Dutch technology company, expressed confidence in the company's new direction.
“We are now a different organization,” Volozh stated. - “We hope investors will join us on this new journey, but those who decide otherwise should have the opportunity to leave.
The planned buyback is aimed at giving minority shareholders the choice of retaining their investment or selling their shares, effectively redistributing some of the proceeds from the recent sale of the Russian division. According to sources familiar with the situation, the company completed the sale earlier this week, receiving both shares and $2.8 billion in cash from a consortium of buyers.
After operating expenses over the past few months, Yandex NV has about 2.5 billion in free cash left. Having severed ties with Russia after the sale, Nebius Group is preparing to re-list on Nasdaq and is actively seeking new investments, Volozh added. The move emphasizes Nebius Group's desire to change its corporate approach and strengthen its position as a leader in artificial intelligence infrastructure solutions in Europe.
Earlier it became known that the Russian government approved the sale of a stake in Yandex, after which Arkady Volozh became head of Nebius Group.