US tech giant Uber bought out in Russia by homegrown Yandex, handing over keys to self-driving cars & food delivery business
Russia's largest technology company has announced it will buy a series of joint ventures from US ride-sharing and delivery services conglomerate Uber, handing over a billion dollars as part of the deal and sending shares soaring.
In a statement issued on Tuesday, Moscow-based Yandex revealed that it would take full control of four separate businesses in which the two giants had previously both held stakes.
In exchange for $1 billion in cash, Yandex will take a 100% stake in restaurant courier app Yandex.Eats, grocery delivery service Yandex.Lavka, and Yandex.Delivery. In addition, it will pick up Uber's share of Yandex Self-Driving Group, giving it total control of the driverless car business. The company will also increase its share in a holding company overseeing a series of mobility ventures.Also on rt.com Russia’s Yandex picks Paris to launch new food delivery service that promises speed
As part of the deal, Yandex will continue to be able to operate services under Uber's branding in Russia and a number of other countries until 2030.
"Since we started our partnership with Uber in 2018, we've been able to create and rapidly develop a number of successful businesses – all of them are highly synergetic to our e-commerce initiative and to the entire Yandex ecosystem," said Yandex Deputy CEO Tigran Khudaverdyan. "The consolidation of these businesses puts us in a great position to further increase strategic management flexibility, while creating new substantial growth potential for our businesses and cross-platform consumer benefits over the years to come."
Earlier this week, Yandex announced it had picked Paris for its first major expansion into a Western European capital, and it will offer nearly one million residents of the City of Light express food deliveries through its Yango Deli app. Croissants and fromage are set to be delivered within just 15 minutes.
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