Yandex to acquire a 19% stake in Yandex SDG.

Yandex, a technology company, offered to acquire a 19% stakes in Yandex Self Driving Group, a self-driving vehicles business, from Uber, a provider of ride-hailing services. Yandex will additionally invest $150m into Yandex Self Driving Group. Yandex will own 73% of Yandex SDG, while Uber will own 19%. The remaining 8% will be reserved for Yandex SDG management and employees. “We are excited to increase our stake in this strategically important part of our business. In just a short period of time, we have achieved breakthrough results in autonomous driving. We firmly believe in the future of autonomous mobility as a safe and cost-effective form of transportation with a vast addressable market. The additional capital that we are investing in SDG will allow it to continue to pursue the R&D and productization of autonomous mobility,” Arkady Volozh, Yandex Chief Executive Officer.