Russian internet giant Yandex said on Tuesday it would buy Uber’s stake in their joint foodtech, delivery, and self-driving businesses, and increase its stake in their ride-hailing joint venture as part of a $1 billion deal.
The restructuring of the MLU ride-hailing and car sharing joint venture, which includes Yandex.Taxi, will see Yandex own 71% while Uber’s stake falls to 29% from 33.5%, Yandex said, adding it had taken out a $2 billion call option to buy out the rest if it chooses to do so.
