Yandex will buy part of share of Uber for a billion dollars

Yandex will completely buy a share of Uber in Yandex.eda, “Lava” and in the unmanned division, writes Kommersant with reference to the company’s press service. The cost of the transaction will be one billion dollars. As a result, Yandex will be the owner of 100 percent of the shares in these services.

The company will buy a part of the shares (4.5 percent) of the joint venture, the share of “Yandex” will grow to 71 percent. Also “Yandex” will receive the right for two years to buy the remaining share of Uber at a price recorded in the range of 1.8-2 billion dollars.

“The Yandex transaction expects to accelerate the pace of business development at the fast-growing market of e-commerce and food market due to closer integration of services and simplify management processes,” noted in the company. Uber and Yandex after the transaction will continue to develop together in the framework of Yandex.Taxi Mobility Services – Taxi, Crachhering and Scooters.

Earlier it was reported that from August 25, the service “Yandex. Taxi” raised the cost of travel throughout Russia.

/Media reports.