Yandex takes more control of Russian venture with Uber in $1 billion deal
By Anna Rzhevkina and Gleb Stolyarov
MOSCOW (Reuters) -Russian internet giant Yandex said on Tuesday it would buy Uber's stakes in their joint foodtech, delivery and self-driving businesses, and increase its stake in their ride-hailing joint venture as part of a $1 billion deal.
The restructuring of the MLU ride-hailing and car sharing joint venture, which includes Yandex.Taxi, will see Yandex own 71% while Uber's stake falls to 29% from 33.5%, Yandex said, adding it had taken out a $2 billion call option to buy out the rest if it chooses to do so.
In July, Yandex increased its e-commerce investment plan this year to $650 million, from $400-500 million, after reporting strong second-quarter results and upgrading its 2021 revenue forecast and as surging interest in online services continued after being boosted during the coronavirus pandemic. The company forecasts e-commerce GMV to jump threefold this year.
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MOSCOW (Reuters) -Russian internet giant Yandex said on Tuesday it would buy Uber's stakes in their joint foodtech, delivery and self-driving businesses, and increase its stake in their ride-hailing joint venture as part of a $1 billion deal.
The restructuring of the MLU ride-hailing and car sharing joint venture, which includes Yandex.Taxi, will see Yandex own 71% while Uber's stake falls to 29% from 33.5%, Yandex said, adding it had taken out a $2 billion call option to buy out the rest if it chooses to do so.
In July, Yandex increased its e-commerce investment plan this year to $650 million, from $400-500 million, after reporting strong second-quarter results and upgrading its 2021 revenue forecast and as surging interest in online services continued after being boosted during the coronavirus pandemic. The company forecasts e-commerce GMV to jump threefold this year.
...
Read More on Datafloq
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