2023-04-21 15:24:21
Yandex bought out Uber’s stake in the Yandex.Taxi joint venture for $702.5 million, the Internet company’s press service said.
We are talking about the redemption of 28.89% of the company, created in 2017, a representative of Yandex specified to Vedomosti. “As a result of the transaction, Yandex will become the sole owner of the group, which includes services for ordering a taxi, carsharing and renting scooters. The parties received the approval of the regulators, the total amount of the transaction amounted to $702.5 million,” the company said in a statement.
With this acquisition, Yandex completes the consolidation of the ridetech and foodtech business lines of the company, the press service added. Prior to this, Yandex bought out from Uber shares in Yandex.Food, Lavka, Delivery, as well as in the direction of unmanned vehicles and rovers.
When Yandex bought out in August 2021 for $ 1 billion from Uber a stake in Yandex.Food, Lavka, Delivery and a division specializing in drones, the parties reported that Yandex also has the right to buy out the remaining shares partner for an amount of $ 1.8-2 billion until September 2023. But on March 1, 2022, the American company announced that Uber plans to accelerate the sale of its stake in the joint venture with Yandex and reduce its presence on the board of directors – Uber reported, that three Uber executives will be removed from it and replaced by representatives who will be responsible for the withdrawal of investments.
Yandex.Taxi and Uber merged passenger transportation and food delivery from restaurants in Russia and several CIS countries in 2018. The combined company MLU BV operates an online ride booking service under the Yandex.Taxi, Uber and Yango brands. At the start, Uber’s investment in the joint venture amounted to $225 million, Yandex — $100 million. At the time of its creation, its value was estimated at $3.8 billion.
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