The technology company Yandex, popularly known as the 'Russian Google', has reached an agreement with Uber to buy its shares in the different joint ventures that both companies have in Russia.
The price of the deal is $1 billion (€845 million) in cash, the company announced in a statement on Tuesday.
In this way, Yandex will acquire Uber's 33.5% stake in the food delivery (Yandex.Eats), food shopping (Yandex.Lavka) and courier (Yandex.Delivery) services. The Russian firm will also acquire Uber's 18.2% stake in the autonomous vehicle joint venture, Yandex Self-Driving Group.
The agreed price also covers the purchase of an additional 4.5% interest in MLU, the parent company of Yandex's mobility business (car sharing and chauffeur-driven car rental). This will give the Russian company and its employees a 71% stake in MLU.
The two companies have reached an agreement whereby Yandex will be able to exercise a call option within two years to buy the remaining 29% of MLU from Uber for $1.8 billion (1.521 billion euros). If certain unspecified milestones are met, the price could escalate to $2 billion (€1.691 billion).
Yandex will be able to continue to use Uber's brand in Russia and some surrounding countries until August 2030 if it decides to exercise the call option.