Business Yandex is going to buy Uber | ProFinance.Ru

Yandex is going to buy Uber | ProFinance.Ru


The company, which manages Russia’s largest search engine and online taxi service, wants to buy a 38% stake in Uber in Yandex.Taxi. As of March 31, Uber estimated its stake at $ 1.24 billion. According to Uber, after February 2021, Yandex will receive the right to preemptively buy back Uber’s stake in the joint venture.

The representative of Yandex said that the company is considering various options for the restructuring of property in joint ventures and is ready to discuss this issue. A Uber spokesman declined to comment.

Discussions are at an early stage and the deal may not take place. At the same time, Yandex may conduct an IPO in the future.

The pandemic hit the taxi market, dropping shares of Uber and Lyft Inc. and reducing the appraised value of other companies that are seeking an IPO. According to one source, in this regard, Yandex is considering the possibility of restructuring the enterprise, given that the car-sharing business, which is currently not part of a joint venture with Uber, can complement the company’s taxi service.


Uber teamed up with Yandex in Russia and neighboring countries in February 2018, valuing a division called MLU BV at $ 3.8 billion. Last year, the venture attracted banks, including the Goldman Sachs Group Inc. and Morgan Stanley to value stocks for sale in the United States. As Bloomberg News reported in October, the value of the business was estimated to range from $ 5 billion to $ 8 billion.

Yandex launched a taxi service in 2011 to receive an additional source of income in addition to advertising on the Internet. After concluding a deal with Uber, Yandex.Taxi began to develop other types of business, such as food delivery and unmanned vehicles.

In April, the company announced that its revenue grew 49% in the first quarter, with Yandex accounting for 24%, despite abandoning targets for the entire company this year amid uncertainty due to a pandemic.

However, measures taken by the Russian government to combat the spread of coronavirus have undermined the demand for taxi services. The company recently invested in business to increase the availability of taxi rides and save drivers’ salaries, and also decided to take up food delivery.

On this topic:

Russia is ready to spend 8.7 trillion rubles on incentives, but this is still not enough

The Russian economy has not been so bad for a long time

Bloomberg: Russia will face a large-scale crisis if it does not adapt to the changing situation


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

Concerns Over China and US Non-Farm Payrolls – The Current Economic Climate

Even at the height of the coronavirus outbreak, there were fears that the socio-economic impact of the pandemic would...

Buy cheap Apple iPhone 11, AirPods Pro, MacBook Air in Spain

Some of the best Apple products are on sale today. We don't know how...

Pope brother Georg Ratzinger died in Regensburg

Georg Ratzinger, brother of Pope Emeritus Benedict XVI, died at the age of 96.The Pope's brother received a last...

Peruvian Selection: Peruvian Selection | Nolberto Solano is a candidate for coach of the national team

Updated on 06/30/2020 at 23:03 Nolberto Solano, technical assistant of the Peruvian Selection, clarified that for now he does...

‘El Niño’ Linares will face Dominican Fortuna on 28-A

There is a possibility that this fight could be contested for the WBC interim lightweight title. By: Agencies ...

Must read

You might also likeRELATED
Recommended to you