Uber Sells Remaining 29% MLU Stake to Yandex for $702.5 Million
21 Abril 2023 - 11:22AM
Dow Jones News
By Colin Kellaher
Uber Technologies Inc. on Friday said it has sold its remaining
29% stake in its MLU BV taxi joint venture in Russia to venture
partner Yandex NV for $702.5 million in cash.
San Francisco-based Uber said it no longer has any equity
interest in MLU or any other affiliate of Yandex.
Uber and Russia's Yandex formed the venture in 2018 by merging
Yandex.Taxi and Uber's ride-sharing businesses in Russia and
neighboring countries, with Yandex owning about 59% of the combined
business, which was valued at more than $3.8 billion.
Yandex in 2021 acquired Uber's interests in a self-driving group
venture and the Yandex.Eats, Yandex.Lavka and Yandex.Delivery
businesses, in a $1 billion deal that also raised its stake in the
MLU venture to 71%.
In the wake last year's invasion of Ukraine by Russia, Uber said
it was looking for opportunities to accelerate its planned sale of
its remaining MLU interest and took a $182 million impairment on
the value of its stake because of forecasts of a protracted
recession in the Russian economy.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 21, 2023 10:07 ET (14:07 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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