{"id":19255,"date":"2023-04-21T14:41:32","date_gmt":"2023-04-21T14:41:32","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/russias-yandex-buys-ubers\/"},"modified":"2023-04-21T14:45:39","modified_gmt":"2023-04-21T14:45:39","slug":"russias-yandex-buys-ubers","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/russias-yandex-buys-ubers\/","title":{"rendered":"Russia’s Yandex buys Uber’s stake in taxi JV for $703 million"},"content":{"rendered":"

(Reuters) -Russian tech giant Yandex said on Friday it had bought Uber’s stake in their joint taxi venture for $702.5 million, becoming the sole owner of the Yandex.Taxi business and bringing Uber’s involvement in Russia to a close. <\/p>\n

“As a result of the deal, Yandex will become the sole owner of the group, which includes a taxi ordering service, carsharing and scooter rental,” Yandex said in a statement. <\/p>\n

Uber in 2021 divested its stake in a foodtech and delivery joint venture with Yandex. The companies joined forces in Russia in 2017 to combine their ride-sharing businesses in Russia and neighbouring countries.<\/p>\n

As part of that $1 billion deal, Uber reduced its stake in a separate ride-hailing joint venture to 29%, with Yandex taking out a $2 billion call option to buy out the rest. <\/p>\n

Corporate exits from Russia now require approval from a government commission, in light of capital outflows and unprecedented sanctions against Moscow over the conflict in Ukraine. <\/p>\n

Yandex said the deal had received regulatory approval. Measures introduced in late December stipulate that asset sales are permitted provided a 50% discount is given to the buyer following an independent valuation.<\/p>\n

Yandex did not mention any discount. Uber could not immediately be reached for comment. <\/p>\n

(Reporting by Alexander Marrow and Gleb Stolyarov; Editing by Mark Trevelyan and Susan Fenton)<\/p>\n

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(Reuters) -Russian tech giant Yandex said on Friday it had bought Uber’s stake in their joint taxi venture for $702.5 million, becoming the sole owner of the Yandex.Taxi business and bringing Uber’s involvement in Russia to a close. “As a result of the deal, Yandex will become the sole owner of the group, which includes […]<\/p>\n","protected":false},"author":8,"featured_media":19256,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1220],"tags":[1223],"class_list":["post-19255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-technology","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportTechnologyNews\/tagreuters.com2023binary_LYNXMPEJ3K0HA-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/19255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=19255"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/19255\/revisions"}],"predecessor-version":[{"id":19314,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/19255\/revisions\/19314"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/19256"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=19255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=19255"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=19255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}