Russian multinational company Yandex plans to fully buy Uber's stake in three joint services for $1 billion, the company's press service said. This was announced by the press service of the company.

"Yandex intends to become 100% owner of shares in Yandex.Food, Yandex.Lavka and Yandex.Delivery. All of them are part of the Yandex.Taxi group of companies, a joint venture established in 2017. Yandex will also fully buy Uber's stake in the drone business, which creates self-driving cars and robotic couriers.

As Yandex hopes, this solution will accelerate business development through tighter integration of services and simplification of management processes. The deal is expected to be closed by the end of 2021.

After the deal, both companies will continue to jointly develop taxi, carsharing and scooter services as part of Yandex.Taxi.

Made in Russia / Made in Russia

Author: Maria Buzanakova