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Yandex closes Uber stake buyout deal — company

Yandex also acquired the right within the deal framework to buy out the remaining Uber stake within two years

MOSCOW, December 21. /TASS/. Yandex has closed the deal of buying out the Uber stake in Yandex food, online store, delivery, and self-driving services totaling $1 bln, the press service of the Russian technology company told TASS.

"Yandex has closed the deal of buying out the Uber stake in Yandex.Eats, Yandex.Lavka, Yandex.Delivery, and the self-driving service" the company said.

Yandex and Uber will continue joint development of taxi ordering, car-sharing, and kick scooter hire services, Yandex added.

The transaction comprised two stages, the company noted. Yandex initially increased its ownership share in the self-driving business to 100% and purchased 4.5% of shares from Uber in their MLU B.V. joint venture company. Yandex bought out Uber stakes in Yandex.Eats, Yandex.Lavka, and Yandex.Delivery at the second stage.

"Yandex holds 100% in the self-driving segment and in Yandex.Eats, Yandex.Lavka, and Yandex.Delivery. The share of Yandex in MLU B.V. reached about 71%, including shares set aside for the option program," the company noted.

Yandex also acquired the right within the deal framework to buy out the remaining Uber stake within two years at a price in the range from $1.8 bln to $2 bln.