Uber Sells Stakes In Several Russian Projects For $1 Billion

Uber has sold its stake in several joint ventures with Russia’s Yandex for $1 billion in cash. The deal will witness Yandex take control of Uber’s stake and become the latter in full control of Yandex.Eats, grocery delivery service Yandex.Lavka and logistics company, noting that Uber owns a 33.5% stake in each of the three previous companies.

Yandex, whose search engine in Russia is better than Google’s, said it would take full control of Yandex Self-Driving Group, of which Uber owns 18.2%, the deal will help it acquire an additional 4.5% stake in the MLU joint venture that was established when it combined its passenger transportation business with Uber in 2018.

Yandex Group Chief Financial Officer Greg Abovsky said last year that the volume of Yandex.Lavka had multiplied 6 times in May 2020 than it was in January 2020, and Yandex is currently working to expand its online shopping and live broadcasting business,
Noting that it had raised nearly $3 billion by the end of the second quarter.

The company is one of several Russian companies aiming to develop into a Chinese-style super company by providing a large number of products and services, as Yandex bought a small bank earlier this year with the aim of expanding in the field of financial services as well as did the largest e-commerce company in Russia Ozon and Wildberries.

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