TASS: the government commission approved the purchase by Yandex of Uber’s stake in a joint company

A subcommittee of the government commission for the control of foreign investment approved a deal to buy Yandex a 29% stake in a joint venture with Uber, transmits TASS with reference to the source.

“De facto, this deal has been agreed. The deal there is good, the conditions are super for Uber. The subcommittee already made this decision last week,” the source said. According to him, the discount on the transaction amounted to at least 50% in relation to the estimated value.

In early February, information appeared that “Yandex» agreed to buy out 29% of Uber’s stake in MLU BV joint venture RBC citing a source close to the deal, he specified that the ransom amount would be approximately $925 million.

When Yandex buys out in August 2021 for $ 1 billion from Uber a stake in “Yandex.Food”, “Lavka”, “Delivery” and a unit specializing in drones, the parties reported that “Yandex” also has the right to buy out the remaining shares of the partner for an amount of $ 1.8-2 billion by September 2023. But on March 1, 2022, The New York Times, citing a statement from the American company, reported that Uber plans to accelerate the sale of its stake in the joint enterprise with Yandex and reduce its presence on the board of directors.

Yandex.Taxi and Uber merged passenger transportation and food delivery businesses in Russia and several CIS countries in 2018.