EquityStory.RS, LLC-News: Yandex N.V. / Key word(s): Miscellaneous/Miscellaneous
Yandex Announces Completion of Restructuring of its Taxi Group Assets
Moscow, Amsterdam, December 21, 2021 - Yandex (NASDAQ and MOEX: YNDX), one of Europe's largest internet companies and the leading search and ride-hailing provider in Russia, today announced that it has completed the previously announced restructuring of the ownership of MLU B.V., its joint venture with Uber ("MLU").
The restructuring was completed in two stages:
Following closing, Yandex owns:
The total consideration was $1.0 billion in cash, of which $800 million was paid in September and the remaining $200 million has now been paid.
In addition, Yandex has received a two-year American call option to acquire the remaining 29% of Uber's interest in the newly restructured MLU at a strike price of $1.8 billion, subject to agreed increases over the option period, going up to approximately $2.0 billion if exercised in September 2023. The newly restructured MLU will continue to focus on mobility businesses, including ride-hailing and car-sharing.
Yandex (NASDAQ and MOEX:YNDX) is a technology company that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and information services. Additionally, we have developed market-leading on-demand transportation and delivery services, navigation products, while also expanding into e-commerce, online entertainment, cloud computing and other markets to assist millions of consumers in Russia and a number of international markets. Yandex, which has over 30 offices worldwide, has been listed on NASDAQ since 2011 and on Moscow Exchange since 2014.
More information on Yandex can be found at https://yandex.com/company/.
21.12.2021 MSK Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC - a company of EQS Group AG.