Yandex will fully buy out Uber's stakes in Yandex.Food, Lavka, Delivery as well as in the business of unmanned cars and rovers, the company said.

As explained in the press service, the partners will continue to jointly develop taxi ordering services, carsharing and scooter rental within the group of companies "Yandex.Taxi".

"Yandex will also acquire a 4.5% stake in the joint venture from Uber and bring its stake in it to 71%, including shares reserved for the option program. In addition, Yandex will have the right to buy out Uber's remaining stake within two years at a price fixed in the range of $1.8-2 billion," it said.

As a result of the deal Yandex expects to accelerate the pace of business development in the fast-growing e-commerce and foodtech market through closer integration of services and simplification of management processes. It is noted that already now "Lavka" helps customers on the "Market" to receive orders at a convenient time, while automotive "Delivery" helps restaurants, cafes and other businesses to expand the radius of coverage of customers and earn more with its help.

The company clarified that unmanned cars is a strategic direction for the company, in which Yandex sees great growth potential in the long term, including internationally. Yandex's fleet of unmanned cars now includes 170 vehicles. They have covered more than 14 million kilometers in autonomous mode on the roads of Russia, the United States and Israel. Yandex delivery robots, launched in 2019, have already made more than 26,000 deliveries in Russia and the US.

"The total amount of the deal will be $1 billion. It has already been approved by the boards of directors of both companies and will be closed before the end of the year," the press service stressed.

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Author: Karina Kamalova