Uber sells its stake in Russian Yandex.Taxi

21.04.2023, 16:46
Uber sells its stake in Russian Yandex.Taxi - Photo
Photo: EPA

Uber has sold its stake in the Russian Yandex.Taxi group of companies, which includes taxi ordering, car sharing and scooter rental services, according to the website of Yandex, which bought this share, becoming the sole owner of the group.

The parties received regulatory approval, and the transaction amounted to $702.5 million.

A year and a half ago, even before the start of the full-scale Russian invasion of Ukraine, Uber announced the sale of its stake in several joint projects to Yandex for $1 billion. Under the terms of the agreement, the Russian company received the right to buy back Uber's remaining stake worth $1.8-2 billion within two years.

On March 1, 2022, it was reported that the American company, in response to Russian aggression, decided to speed up the sale of its share.

According to Forbes, Uber kept 29% in a joint venture with Yandex, MLU BV, registered in the Netherlands.

Uber and Yandex.Taxi merged the passenger transportation and restaurant food delivery business in 2018. At that time, it was valued at $3.8 billion.

At the beginning of 2023, the chief executive officer of Uber Dara Khosrowshahi visited Ukraine.

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