Yandex N.V. revealed on Tuesday that it will restructure the ownership of several joint ventures with Uber Technologies Inc. In a $1 billion cash transaction, Yandex will acquire Uber's 33.5% stake in Yandex.Eats, Yandex.Lavka and Yandex.Delivery, as well as Uber's 18.2% interest in Yandex Self-Driving Group (SDG), increasing the Russian company's ownership to 100% in all businesses.
Yandex will also buy an additional 4.5% stake in MLU B.V., another one of their joint ventures, securing approximately 71% ownership for the Moscow-based tech company and its employees.
"In addition, Yandex receives a two-year American call option to acquire the remaining 29% of Uber's interest in the newly restructured MLU at a strike price of $1.8 billion, subject to agreed increases over the option period -- going up to approximately $2.0 billion if exercised in September 2023," Yandex also specified.
