Russia's Yandex buys Uber's stake in taxi JV for $703 million

(Reuters) -Russian tech giant Yandex said on Friday it had bought Uber's stake in their joint taxi venture for $702.5 million, becoming the sole owner of the Yandex.Taxi business and bringing Uber's involvement in Russia to a close.

"As a result of the deal, Yandex will become the sole owner of the group, which includes a taxi ordering service, carsharing and scooter rental," Yandex said in a statement.

Uber in 2021 divested its stake in a foodtech and delivery joint venture with Yandex. The companies joined forces in Russia in 2017 to combine their ride-sharing businesses in Russia and neighbouring countries.

As part of that $1 billion deal, Uber reduced its stake in a separate ride-hailing joint venture to 29%, with Yandex taking out a $2 billion call option to buy out the rest.

Corporate exits from Russia now require approval from a government commission, in light of capital outflows and unprecedented sanctions against Moscow over the conflict in Ukraine.

Yandex said the deal had received regulatory approval. Measures introduced in late December stipulate that asset sales are permitted provided a 50% discount is given to the buyer following an independent valuation.

Yandex did not mention any discount. Uber could not immediately be reached for comment.

(Reporting by Alexander Marrow and Gleb Stolyarov; Editing by Mark Trevelyan and Susan Fenton)