MOSCOW, August 31. /TASS/. Yandex internet company will fully buy out the stakes Uber holds in Yandex Eats, Lavka, Delivery and Self-Driving Group businesses, the IT giant said in a statement on Tuesday.
According to the statement, the partners will continue to jointly develop services for ordering a taxi, car sharing and electric scooter rental services within the Yandex.Taxi group of companies.
Yandex will also acquire a 4.5% stake in the joint venture from Uber and bring its stake in it to 71%, including the shares reserved for the option program.
According to the company, the deal worth $1 billion has been approved by the boards of directors of both companies. It is planned to close the deal by the end of the year.
Yandex expects that as a result of the transaction it will accelerate the pace of business development in the e-commerce and FoodTech market thanks to closer integration of services, as well as simplification of management.
About Yandex services
Yandex.Eats is Yandex’s food and grocery delivery service, available in over 170 cities in Russia and the CIS and offering 30-60 minute delivery from over 35,000 restaurants and over 2,900 stores.
Yandex.Lavka is Yandex’s hyperlocal convenience store delivery model, offering 15-minute delivery from over 360 dark stores across Russia and Israel.
Yandex.Delivery is the last mile logistics solution, offering on-demand delivery services to individuals, SMBs and over 20,000 large businesses across Russia and the CIS.
Yandex Self-Driving Group is Yandex’s autonomous driving technology unit, which has been developing proprietary self-driving technology since 2017. As of today, Yandex’s autonomous vehicle fleet has 170 cars, which have driven over 8 million autonomous miles on public roads in various weather and road conditions in three countries - Russia, Israel, and the United States. Yandex stressed that unmanned vehicles are a strategic area for the company.