Yandex to acquire additional stakes in MLU and Yandex Self-Driving from Uber Technologies for $1bn.

Yandex, a technology company that builds intelligent products and services powered by machine learning, agreed to acquire additional stakes in MLU, a Yandex's ride-sharing and food delivery joint venture with Uber, and Yandex Self-Driving, a self-driving vehicles business, from Uber Technologies, an American technology company, for $1bn. Under this agreement, Yandex will receive Uber’s 33.5% indirect interest in Yandex.Eats, Yandex.Lavka and Yandex.Delivery, giving Yandex 100% ownership in all three businesses, Uber’s 18.2% interest in Yandex Self-Driving Group, giving Yandex 100% ownership in the business and an additional 4.5% interest in the newly restructured MLU, which will focus on mobility businesses, giving Yandex and its employees a total of approximately 71% ownership in the joint venture. “Since we started our partnership with Uber in 2018, we’ve been able to create and rapidly develop a number of successful businesses -- all of them are highly synergetic to our e-commerce initiative and to the entire Yandex ecosystem. The consolidation of these businesses puts us in a great position to further increase strategic management flexibility, while creating new substantial growth potential for our businesses and cross-platform consumer benefits over the years to come, allowing us to unlock new sources of value for our shareholders,” Tigran Khudaverdyan, Yandex Deputy CEO.