Uber Exits Russia, Yandex Procures Uber's Remaining Stake In JV For Hefty Sum
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- On April 21, Uber Technologies, Inc (NYSE:UBER) consummated the sale of its remaining 29% equity interest in MLU B.V., the company's joint venture with Yandex N.V. (NASDAQ:YNDX), to Yandex for $702.5 million in cash.
- After this transaction, Uber no longer has any equity interest in MLU B.V. or any other affiliate of Yandex.
- In 2021, Yandex agreed to gain complete ownership of Uber's stake 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 to tap the pandemic spurred rapid growth in the Russian market for delivery and food services.
- 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.
- Uber merged its operations in Russia and neighboring countries with Yandex in a deal valued at $3.8 billion.
- Price Action: UBER shares traded lower by 0.92% at $31.21 on the last check Friday.
- Photo via Wikimedia Commons