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Yandex and Uber JV to Acquire Russian Rival Vezet Group

6:46AM ET 7/15/2019 MT Newswires
Yandex N.V (YNDX) said pre-market Monday that MLU B.V., the company's ride-sharing and food delivery joint venture with Uber (UBER), has entered into an agreement to acquire the IP and call-centers of the Vezet group of companies in Russia.

Under the deal, Vezet shareholders will receive new shares in MLU, representing up to 3.6% of the issued share capital, together with up to $71.5 million in cash upon achievement of certain operating and integration milestones. Upon closing of the transaction, which is expected at year-end, Yandex will own 56.2% of MLU, Uber will own 35.0%, and approximately 5.3% will be owned by employees under the MLU equity incentive plan.

MLU also agreed to to invest approximately RUB8 billion ($127.7 million) in the Russian regions over the next three years, with half of the funding going to securitization of services while the other half to be used to support regional drivers and taxi fleet companies, Yandex said.

Price: 40.80, Change: +0.47, Percent Change: +1.17