Yandex buys out remaining stake in JV with Uber for $702.5 mln

MOSCOW. April 21 (Interfax) - Yandex has bought out the remaining 29.98% stake in the MLU B.V. joint venture from Uber Inc. for $702.5 mln, the Russian company said in a statement.

The parties to the deal have obtained all of the necessary regulatory approvals.

Yandex has now become the sole owner of the Yandex Taxi group of companies because of the transaction.

The deal will not affect users of the services in any way. "In accordance with the terms of the deal, Yandex will retain the right to use the Uber brand in Russia and neighboring countries until 2026," the company added.

The report notes that the transaction was made through an agreement, and not the implementation of a call option, which the parties entered into in 2021 as part of the restructuring of the joint venture. The option provided for the purchase of the remaining 29% from Uber in MLU before September 2023 for $ 1.8-2 billion.

Yandex and Uber have been developing the combined company since 2018.

In 2021, the former partners announced the restructuring of the joint venture, as a result of which the Yandex Delivery food technology and Yandex SDG unmanned business became 100% owned by the Russian company. Before buying out the remaining share of Uber, the partners continued to develop taxi, car sharing and scooter rental services.