Russian tech group Yandex nears full control of Uber-backed JV
A government subcommittee overseeing foreign investment in Russia has granted approval for Yandex to acquire a 29% stake in a joint venture that operates the Uber brand in Russia and the broader Commonwealth of Independent States. The agreement was disclosed by a news agency citing a person familiar with the terms. (Source: TASS)
insiders say the deal is largely settled and favorable for Uber as a partner. The panel reportedly reached its decision in the previous week, paving the way for further corporate moves in the region. (Source: TASS)
Earlier reports suggested Yandex is negotiating to buy 29% of MLU BV, the Netherlands-registered JV that currently oversees Uber’s operations in Russia and CIS markets. Once the agreement earns formal approval, Yandex is expected to own 100% of the entity, which also manages the Yandex.Taxi and Yango taxi aggregators. (Source: Forbes)
Yandex.Taxi and Uber joined forces in 2018 to provide ride-hailing services and food delivery across Russia and the CIS. As the alliance evolved, the two firms established divisions focusing on unmanned and mobile vehicle technology, a Lavka-branded food delivery service, and the Yandex.Drive car-sharing platform.
At the JV’s inception, Yandex held a majority stake of roughly 59.3%, with Uber owning about 36.9%. By August 2021, reports indicated that Yandex aimed to raise its stake to around 71% and to acquire the remaining shares by September 2023, with estimates placing the transaction value between 1.8 and 2 billion US dollars. (Source: various industry briefings)
As the deal progresses, observers in North America and globally are watching how this reshapes the dynamics of ride-hailing and mobility platforms in the region. The consolidation could influence pricing strategies, service integration, and the rollout of advanced mobility technologies across the Russian and CIS markets, while also reflecting broader trends in cross-border tech investments involving major players in the ride-hailing and logistics sectors. (Source: market analyses)