A government commission approved a deal to buy Yandex’s full stake in the Uber joint venture. At the moment, Yandex owns 71%, Uber – 29%. MLU BV operates the Yandex.Taxi and Yandex.Drive services.
Interfax reports that the government commission allowed Yandex to buy Uber’s full stake in the joint venture, citing sources close to the commission.
Yandex and Uber own the joint venture MLU BV, which operates the Yandex.Drive and Yandex.Taxi services. In this company, Yandex owns a 71% stake, Uber – 29%. As a result of the transaction, Yandex will buy the entire shares of Uber and become the sole owner of the company.
According to the RBC source, the transaction will be carried out at a discount of at least 50% of the market value of the assets. Experts estimated Uber’s share at $925 million.
Yandex and Uber formed a joint venture in 2018. Uber’s investment in the launch was estimated at $225 million, Yandex invested $100 million. Initially, Uber owned a 36.9% stake, Yandex 59.3%.
Author:
Kirill Bilyk
Source: RB
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