Published on 27 Apr 2023 on Benzinga via Yahoo Finance
Uber Exits Russia, Yandex Procures Uber's Remaining Stake In JV For Hefty Sum
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