Russian internet giant Yandex bought its rights in food delivery services, which they run in cooperation with Uber, for 1 billion dollars. The deal has already been approved by both companies.
Russia-based internet giant Yandex has announced that it will increase its share in food delivery and driverless vehicle services, which it carries out in partnership with Uber in Russia, with a $1 billion deal. According to the news in BloombergHT, the agreement is expected to be completed by the end of the year. Approved by both companies.
Yandex stated that the vehicle solicitation and sharing processes will continue to be carried out jointly, adding that it will increase its total share to 71 percent with an additional 4.5 percent share purchase. The company has restructured its MLU ridesharing and ridesharing joint venture, which includes Yandex.Taxi. Uber’s 33.5 percent stake will fall to 29 percent recorded.
‘Yandex wants to increase the pace of business development’
The joint statement made by the companies is as follows:As a result of the agreement, Yandex tighter integration and simplification of management processes aims to increase the speed of business development in the rapidly growing e-commerce and food technology market through.”
Uber’s stake in these ventures is currently worth $3.1 billion. Yandex has been aiming to buy Uber’s stake in startups, including Yandex.Taxi, since the pandemic began. Because with the outbreak of the pandemic, the online order-based delivery market is like all over the world. It also recorded rapid growth in Russia.
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Uber operates its operations in Russia and neighboring countries with Yandex, the leading company in the region. In February 2018 combined with an agreement. Since the deal was signed, the venture has grown to include food delivery and autonomous vehicle service.