Yandex buys out Uber's shares in Yandex.Food, Lavka, Delivery and Drones
Yandex will also acquire a 4.5% stake in the joint venture from Uber and will increase its stake in it to 71%, including shares reserved for the option program. In addition, Yandex will have the right to buy out the remaining share of Uber within two years at a price fixed in the range of $ 1.8-2 billion.
As a result of the transaction, Yandex expects to accelerate the pace of business development in the fast-growing e-commerce and food technology market due to closer integration of services and simplification of management processes. Currently, Lavka helps customers on the Market to receive orders at a convenient moment, and car Delivery allows restaurants, cafes and other businesses to expand the delivery radius and earn more with its help.
Yandex's fleet of self-driving cars includes 170 cars that have covered more than 14 million kilometers in autonomous mode on the roads of Russia, the United States and Israel. Yandex courier robots, launched in 2019, have already made more than 26 thousand deliveries in Russia and the United States. Self-driving cars are a strategic segment of the company, in which Yandex sees great growth potential in the long term, including on an international scale.
The total amount of the transaction will be $ 1 billion. It has already been approved by the boards of directors of both companies and will be closed by the end of the year.
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