6 Feb 2023 17:24

Yandex agrees to buy out Uber's stake in JV for $925 mln - media

MOSCOW. Feb 6 (Interfax) - Yandex has agreed to buy out the remaining stake in the MLU B.V. joint venture with Uber for $925 million, RBC reports, citing sources close to the deal.

Yandex in 2021 increased its stake in the JV to 71%, paying around $1 billion. Moreover, the partners' deal had stipulated an option to buy out the remaining 29% in MLU B.V. from Uber for $1.8-$2 billion by September 2023.

The publication does not specify the reasons for the discounted price.

It was reported in March 2022 that Uber Technologies intended to expedite its exit from the JV with Yandex amid the situation in Ukraine. Forbes' sources confirm that the accelerated sale of the stake is contrary to the option rule, thus the stake's value has been adjusted. Forbes' source did not indicate the cost of the deal.

According to RBC's sources, Yandex intends to submit the deal documents soon to the government commission on foreign investment to review and consider.

Yandex and Uber began developing the JV in 2018, with the partners announcing a restructuring in August 2021 that resulted in the continuing development of the respective taxi, car sharing, and scooter rental services. The Russian company has assumed 100% ownership of the foodtech business, Yandex Delivery, and the Yandex SDG self-driving business.