A subcommittee of the government commission tasked with monitoring foreign investment in Russia has approved an agreement for Yandex to buy a 29% stake in a joint venture (JV) with Uber. writes about it TASS citing a source familiar with the agreement.
“De facto, this deal has been agreed upon. The deal there is good, conditions are great for Uber. “The subcommittee already made that decision last week,” he said.
Previously Posted by Forbes reportedYandex is in talks with Uber to buy 29% of MLU BV, a joint venture registered in the Netherlands. According to the publication, after the agreement is approved, Yandex will own 100% of this company, which operates the Uber brand in Russia and the CIS, as well as taxi aggregators Yandex.Taxi and Yango.
Yandex.Taxi and Uber merged in 2018 to transport passengers and deliver food to Russia and CIS countries. Later, a division was created to work on unmanned vehicles and mobile vehicles, as well as the Lavka food delivery service and the Yandex.Drive car-sharing service.
At the time of the creation of the joint venture, Yandex bought 59.3% of the shares, Uber – 36.9%. It was reported that in August 2021 the Russian company will increase its share to 71%, and it plans to take the entire remaining share by September 2023 – the transaction amount was estimated at $ 1.8-2 billion.