Yandex takes more control of Russian venture with Uber in $1 billion deal
By Anna Rzhevkina and Gleb Stolyarov
MOSCOW (Reuters) -Russian net massive Yandex talked about on Tuesday it may buy Uber’s stakes in their joint foodtech, provide and self-driving corporations, and improve its stake in their ride-hailing joint venture as half of a $1 billion deal.
The restructuring of the MLU ride-hailing and automotive sharing joint venture, which includes Yandex.Taxi, will see Yandex private 71% whereas Uber’s stake falls to 29% from 33.5%, Yandex talked about, together with it had taken out a $2 billion identify option to buy out the remaining if it chooses to take motion.
In July, Yandex elevated its e-commerce funding plan this 12 months to $650 million, from $400-500 million, after reporting sturdy second-quarter outcomes and upgrading its 2021 earnings forecast and as surging curiosity in on-line suppliers continued after being boosted in the course of the coronavirus pandemic. The agency forecasts e-commerce GMV to leap threefold this 12 months.
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