Interfax: the commission of the Cabinet of Ministers agreed on a deal to buy out Uber’s stake in Russia by Yandex

A subcommittee in the government commission on foreign investment has agreed on a deal for Yandex to buy Uber’s stake in their joint venture MLU BV, said “Interfax” a source close to the government commission.

Uber and Yandex formed a joint venture in February 2018. MLU BV is registered in the Netherlands. The company operates taxi aggregators Yandex Taxi and Yango, as well as the Uber brand in Russia and the CIS.

The interlocutor of the agency said that Yandex bought out Uber’s share with a discount of at least 50% to the package valuation. The source did not specify the size of the estimate.

In early February, Forbes, citing sources, reported that Yandex was negotiating with Uber to buy out a 29 percent stake in the joint venture. If the deal is approved, Yandex will become a 100% owner of MLU BV According to a magazine source in the investment community, Yandex will pay about $925 million for Uber’s stake.

In August 2021, the Yandex press service informedthat the Russian company bought Uber’s shares in Yandex Food, Lavka, Delivery and its unmanned division for $1 billion. Under the terms of the deal, Yandex received a pre-emptive right to buy Uber’s remaining 29 percent stake in the joint venture at a price in the range of $1.8 billion to $2.0 billion.

Erdni Kagaltynov


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