Uber is selling stakes in several Russian businesses for $1 BNillion
Uber is selling $1 billion in cash for shares in numerous joint ventures with Russia’s Yandex.
The transaction announced on Tuesday will see Yandex, based in Moscow, purchase Uber and take complete control of the food delivery service Yandex. Lavka, a grocery delivery service, and Yandex Logistics.
“By combining these businesses, we will be in a better position to increase strategic management flexibility while also creating new substantial growth potential for our businesses and cross-platform consumer benefits in the years ahead, allowing us to unlock new sources of value for our shareholders.”
Uber presently owns 33.5 percent of each of the businesses.
Yandex, whose search engine is more prevalent in Russia than Google’s, has announced that it will take complete control of the Yandex Self-Driving Group, of which Uber presently owns 18.2%.