Yandex Acquires Uber's Remaining Stake In Mobility JV For $702.5 Mln

(RTTNews) - Yandex N.V. (YNDX) acquired Uber's entire remaining 28.98% interest in their mobility joint venture, MLU B.V. for $702.5 million in cash, the Russian tech giant said in a statement on Friday.

The boards of directors of both Uber and Yandex approved the Transaction. The Transaction was not subject to the approval of the shareholders of either Uber or Yandex. The companies received all required regulatory approvals.

The Agreement superseded and was in lieu of the call option Uber granted to Yandex under a Framework Agreement dated September 7, 2021. The Call Option was exercisable until September 7, 2023.