Everything You Need To Know About The Yandex-Uber Deal

Search and ride-hailing provider Yandex NV YNDX has agreed to acquire Uber Technologies' UBER stake in their joint ventures, MLU B.V. (MLU) and Yandex Self-Driving B.V. (SDG).
Yandex will gain complete ownership in the food tech business Yandex.Eats, delivery business Yandex.Lavka, Yandex.Delivery and self-driving business, Yandex Self-Driving Group (SDG), for $1 billion.
Bloomberg reports that Yandex aimed to tap the pandemic spurred rapid growth in the Russian market for delivery and food services.
Yandex will also gain an additional 4.5% interest in the newly restructured MLU, reaching a 71% stake. The MLU will focus on mobility businesses.
Yandex also received a two-year American call option to acquire Uber's remaining interest in the MLU for between $1.8 billion - $2.0 billion.
Yandex also extended the exclusive right to use the Uber brand in Russia and certain other countries until August 2030. Both the boards approved the deal.
Uber merged its operations in Russia and neighboring countries with Yandex in a deal valued at $3.8 billion.
Yandex held $2.88 billion in cash and equivalents as of June 30.
Price Action: UBER shares traded higher by 0.40% at $39.75 in the premarket session on the last check Tuesday.