Russia’s Yandex restructures JV ownership with Uber in $1 billion deal

The full version of the article, along with thousands like it, can be found here: Russia’s Yandex restructures JV ownership with Uber in $1 billion deal

Yandex Delivery

Yandex has said it would buy Uber's stakes in their joint FoodTech, delivery and self-driving businesses, and increase its stake in a mobility-focused joint venture as part of a $1 billion deal.

The Russia-based company added that it had received a call option to purchase Uber's remaining stake in mobility businesses for up to $2 billion.

The restructured joint venture MLU will continue to focus on mobility businesses, including ride-hailing and car sharing, Yandex said.

Under the agreement, Yandex will receive Uber's 33.5% indirect interest in Yandex.Eats, Yandex.Lavka and Yandex.Delivery as well as 18.2% interest in Yandex Self-Driving Group (SDG), giving Yandex 100% ownership in all businesses.

"The consolidation of these businesses puts us in a great position to further increase strategic management flexibility, while creating new substantial growth potential for our businesses and cross-platform consumer benefits over the years to come," said Tigran Khudaverdyan, Deputy CEO of Yandex.

Yandex will also extend its licence for the exclusive rights to use the Uber brand in Russia and several other countries until August 2030, assuming the exercise of the option.

Uber Technologies and Russia’s Yandex combined their ride-sharing businesses in Russia and neighbouring countries in 2018.

The team at Platform Executive hope you have enjoyed this article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Gleb Stolyarov. Writing by Gabrielle Tétrault-Farber and Anna Rzhevkina. Editing by Mark Potter and Louise Heavens.

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