Stock Agreement Signed Between Yandex and Uber

Stock agreement signed between Yandex and Uber. The two companies announced that they had signed a $1 billion deal.

Yandex NV, Uber Technologies Inc. announced that it has signed a $1 billion deal to increase its stake in its joint venture in Russia. According to the statements of the two companies, both companies have approved the agreement, which is expected to be completed by the end of the year. Yandex stated that it will continue to jointly carry out the car call and car sharing business and will increase its total share to 71 percent with the purchase of an additional 4.5 percent share of Yandex. Yandex said its stake in Uber will fall from 33.5 percent to 29 percent with the restructuring of its MLU ride-hailing and ride-sharing joint venture, which includes Yandex. The joint statement said, "As a result of the agreement, Yandex aims to accelerate the pace of business development in the rapidly growing e-commerce and food technology market through tighter integration of services and simplification of management processes."