Uber Sells Remaining 29% MLU Stake to Yandex for $702.5 Million

By Colin Kellaher

Uber Technologies Inc. on Friday said it has sold its remaining 29% stake in its MLU BV taxi joint venture in Russia to venture partner Yandex NV for $702.5 million in cash.

San Francisco-based Uber said it no longer has any equity interest in MLU or any other affiliate of Yandex.

Uber and Russia's Yandex formed the venture in 2018 by merging Yandex.Taxi and Uber's ride-sharing businesses in Russia and neighboring countries, with Yandex owning about 59% of the combined business, which was valued at more than $3.8 billion.

Yandex in 2021 acquired Uber's interests in a self-driving group venture and the Yandex.Eats, Yandex.Lavka and Yandex.Delivery businesses, in a $1 billion deal that also raised its stake in the MLU venture to 71%.

In the wake last year's invasion of Ukraine by Russia, Uber said it was looking for opportunities to accelerate its planned sale of its remaining MLU interest and took a $182 million impairment on the value of its stake because of forecasts of a protracted recession in the Russian economy.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

April 21, 2023 10:07 ET (14:07 GMT)

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