Yandex To Acquire Uber's Interest In Eats, Lavka, Delivery And Self-Driving Businesses

(RTTNews) - Yandex (YNDX) and Uber (UBER) have agreed to restructure the ownership of their joint ventures, MLU B.V. and Yandex Self-Driving B.V. Under the agreement, Yandex will own 100% of Yandex Eats, Lavka, Delivery and Self-Driving Group businesses. Yandex will also receive an additional 4.5% interest in the newly restructured MLU B.V., giving Yandex and its employees a total of approximately 71% ownership in the joint venture. The total consideration would be $1.0 billion in cash.

Yandex also gets a two-year American call option to acquire the remaining 29% of Uber's interest in the newly restructured MLU B.V. at a strike price of $1.8 billion, subject to agreed increases over the option period.

Yandex will get an extension of the license for the right to use the Uber brand in Russia and certain other countries until August 2030.