Uber sold its stake in Russia's Yandex.Taxi for $700 million
Uber got rid of the remaining stake in the Russian Yandex.Taxi group of companies. "Yandex" redeemed this share for $702,5 million. This is stated in Yandex press release.
Photo: IStock
Now Yandex is the sole owner of the group, which includes services for ordering a taxi, carsharing and renting scooters. The agreement has been approved by regulators.
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The deal was closed on April 21: Yandex bought the remaining 28,98% stake in Uber.
Uber and Yandex formed a joint venture in February 2018. The company was registered in the Netherlands under the name MLU BV and operated a shared taxi business under the Yandex Go and Yango brands, as well as the Uber brand in Russia.
In 2021, Yandex bought out from Uber shares in Yandex.Food, Yandex.Lavka and Yandex.Delivery for $1 billion. As a result of this agreement, Yandex's share in MLU reached approximately 71%. In addition, the Russian company received the right to buy out the remaining 29% within two years.
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At the end of February 2022, Uber announced that it was trying to expedite the exit from the joint venture with Yandex. The company also announced that three Uber executives who were on the board of directors of Yandex.Taxi left their positions.
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