Yandex to Buy Out Uber Interest in Multiple Joint Ventures for $1.0 Billion

By Adam Clark

Russian technology company Yandex NV said Tuesday that it intends to acquire Uber Technologies Inc.'s interest in several joint ventures between the companies for $1.0 billion in cash.

Yandex said it will buy Uber's 33.5% indirect interest in each of Yandex.Eats, Yandex.Lavka and Yandex.Delivery, as well as the American ride-hailing company's 18.2% interest in Yandex Self-Driving Group.

Yandex will also acquire an additional 4.5% interest in MLU BV, the companies' mobility-focused joint venture, giving it ownership over 71% of the venture. Yandex will also receive a two-year call option to acquire the remaining 29% interest in the business, at a strike price of $1.8 billion, rising to $2.0 billion if exercised in September 2023.

The companies have agreed on an extension of Yandex's current license to use the Uber brand in Russia and certain other countries until August 2030, assuming the call option is exercised.

The deal has been approved by both boards and doesn't require shareholders' approval. All the acquisitions are expected to complete by the end of 2021.

Write to Adam Clark at adam.clark@wsj.com

(END) Dow Jones Newswires

August 31, 2021 03:30 ET (07:30 GMT)

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