Yandex Announces Completion of Restructuring of its Taxi Group Assets
12/21/2021 - 06:40 AM
MOSCOW, RUSSIA / AMSTERDAM, NETHERLANDS / ACCESSWIRE / December 21, 2021 / Yandex (NASDAQ and MOEX:YNDX), one of Europe's largest internet companies and the leading search and ride-hailing provider in Russia, today announced that it has completed the previously announced restructuring of the ownership of MLU B.V., its joint venture with Uber ("MLU").
The restructuring was completed in two stages:
The acquisition by Yandex of Uber's 18.2% interest in Self Driving Group and a 4.5% interest in MLU, which completed in September 2021; The acquisition of Uber's interest in the demerged businesses Yandex.Eats, Yandex.Lavka and Yandex.Delivery, which completed on December 21, 2021. Following closing, Yandex owns:
100% of Yandex Self-Driving GroupApproximately 71% of MLU B.V. 100% of each of the Yandex Eats, Yandex.Lavka and Yandex.DeliveryThe total consideration was $1.0 billion in cash, of which $800 million was paid in September and the remaining $200 million has now been paid.
In addition, Yandex has received a two-year American call option to acquire the remaining 29% of Uber's interest in the newly restructured MLU at a strike price of $1.8 billion , subject to agreed increases over the option period, going up to approximately $2.0 billion if exercised in September 2023. The newly restructured MLU will continue to focus on mobility businesses, including ride-hailing and car-sharing.
About Yandex
Yandex (NASDAQ and MOEX:YNDX) is a technology company that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and information services. Additionally, we have developed market-leading on-demand transportation and delivery services, navigation products, while also expanding into e-commerce, online entertainment, cloud computing and other markets to assist millions of consumers in Russia and a number of international markets. Yandex, which has over 30 offices worldwide, has been listed on NASDAQ since 2011 and on Moscow Exchange since 2014.
More information on Yandex can be found at https://yandex.com/company/ .
Contacts: Investor Relations Yulia Gerasimova, Katya Zhukova Phone: +7 495 974-35-38 E-mail: askIR@yandex-team.ru
Press Office Ilya Grabovskiy, Asya Panoyan Phone: +7 495 739-70-00 E-mail: pr@yandex-team.ru
SOURCE: Yandex N.V.
View source version on accesswire.com: https://www.accesswire.com/678823/Yandex-Announces-Completion-of-Restructuring-of-its-Taxi-Group-Assets
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Industry
All Other Telecommunications
Sector
Information
Tags
Technology Services, Internet Software/Services, Information, All Other Telecommunications
Country
Netherlands
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Schiphol
About YNDX
yandex is one of the largest internet companies in europe, operating russia’s most popular search engine and one of its most visited websites. we generated almost 60% of russia’s search traffic in q4 2014 (liveinternet), while our sites attracted over 62 million unique visitors in december 2014 (tns). yandex creates services for people, with both a deep understanding of their interests and profound knowledge of their reality. all of our products and services are created with the mission to make people’s lives easier and better and provide them with the tools to discover new possibilities in their lives. practically all of yandex’s services use machine learning – including in the ranking of search results, serving online advertisements, and performing translations. in 2009 we developed and implemented our own machine learning method – matrixnet. thanks to our speech recognition technology, users can communicate verbally with the yandex.navigator street navigation app instead of typi