Yandex to Buy Out Uber Interest in Multiple Joint Ventures for $1.0 Billion
31 Agosto 2021 - 9:45AM
Dow Jones News
By Adam Clark
Russian technology company Yandex NV said Tuesday that it
intends to acquire Uber Technologies Inc.'s interest in several
joint ventures between the companies for $1.0 billion in cash.
Yandex said it will buy Uber's 33.5% indirect interest in each
of Yandex.Eats, Yandex.Lavka and Yandex.Delivery, as well as the
American ride-hailing company's 18.2% interest in Yandex
Self-Driving Group.
Yandex will also acquire an additional 4.5% interest in MLU BV,
the companies' mobility-focused joint venture, giving it ownership
over 71% of the venture. Yandex will also receive a two-year call
option to acquire the remaining 29% interest in the business, at a
strike price of $1.8 billion, rising to $2.0 billion if exercised
in September 2023.
The companies have agreed on an extension of Yandex's current
license to use the Uber brand in Russia and certain other countries
until August 2030, assuming the call option is exercised.
The deal has been approved by both boards and doesn't require
shareholders' approval. All the acquisitions are expected to
complete by the end of 2021.
Write to Adam Clark at adam.clark@wsj.com
(END) Dow Jones Newswires
August 31, 2021 03:30 ET (07:30 GMT)
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