- Search and ride-hailing provider Yandex NV YNDX has agreed to acquire Uber Technologies' UBER stake in their joint ventures, MLU B.V. (MLU) and Yandex Self-Driving B.V. (SDG).
- Yandex will gain complete ownership in the food tech business Yandex.Eats, delivery business Yandex.Lavka, Yandex.Delivery and self-driving business, Yandex Self-Driving Group (SDG), for $1 billion.
- Bloomberg reports that Yandex aimed to tap the pandemic spurred rapid growth in the Russian market for delivery and food services.
- Yandex will also gain an additional 4.5% interest in the newly restructured MLU, reaching a 71% stake. The MLU will focus on mobility businesses.
- Yandex also received a two-year American call option to acquire Uber's remaining interest in the MLU for between $1.8 billion - $2.0 billion.
- Yandex also extended the exclusive right to use the Uber brand in Russia and certain other countries until August 2030. Both the boards approved the deal.
- Uber merged its operations in Russia and neighboring countries with Yandex in a deal valued at $3.8 billion.
- Yandex held $2.88 billion in cash and equivalents as of June 30.
- Price Action: UBER shares traded higher by 0.40% at $39.75 in the premarket session on the last check Tuesday.
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