EQS-News: Yandex to acquire Uber's interest in the FoodTech, Delivery and Self-Driving Businesses; receives a call option to acquire Uber's remaining interest in Mobility businesses
EquityStory.RS, LLC-News: Yandex N.V.
/ Key word(s): Acquisition/Acquisition
Yandex to acquire Uber's interest in the FoodTech, Delivery and Self-Driving Businesses; receives a call option to acquire Uber's remaining interest in Mobility businesses 31.08.2021 / 09:30 MSK
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Yandex to acquireUber's interest in the FoodTech, Delivery and Self-Driving Businesses; receives a call option to acquire Uber's remaining interest in Mobility businesses ?
Yandex will own 100% of Yandex Eats, Lavka, Delivery and Self-Driving Group businessesYandex and employees will increase share in mobility-focused MLU to approximately?71%Yandex receives a call option to acquire Uber's remaining stake in MLU at an agreed price over a two-year period ?Moscow, Amsterdam, August 31, 2021 - Yandex (NASDAQ and MOEX: YNDX), one of Europe's largest internet companies and the leading search and ride-hailing provider in Russia, announces that it has entered into a binding agreement with Uber to restructure the ownership of their joint ventures, MLU B.V. ("MLU") and Yandex Self-Driving B.V. ("SDG").?Under this agreement, for total consideration of $1.0 billion in cash, Yandex will receive:?
Uber's 33.5% indirect interest in Yandex.Eats, Yandex.Lavka and Yandex.Delivery, giving Yandex 100% ownership in all three businesses; Uber's 18.2% interest in Yandex Self-Driving Group (SDG), giving Yandex 100% ownership in the business; and An additional 4.5% interest in the newly restructured MLU, which will focus on mobility businesses, giving Yandex and its employees a total of approximately 71% ownership in the joint venture. This includes: approximately 68.3% ownership of Yandex and management in the joint venture; and approximately 2.8% reserved for employee equity incentive program of MLU. In addition, Yandex receives a two-year American call option to acquire the remaining 29% of Uber's interest in the newly restructured MLU at a strike price of $1.8 billion, subject to agreed increases over the option period going up to approximately $2.0 billion if exercised in September 2023. The newly restructured MLU will continue to focus on mobility businesses, including ride-hailing and car-sharing.?Yandex will also get an extension of the current license for the exclusive right to use the Uber brand in Russia and certain other countries until August 2030, assuming exercise of the option."Since we started our partnership with Uber in 2018, we've been able to create and rapidly develop a number of successful businesses all of them are highly synergetic to our e-commerce initiative and to the entire Yandex ecosystem. The consolidation of these businesses puts us in a great position to further increase strategic management flexibility, while creating new substantial growth potential for our businesses and cross-platform consumer benefits over the years to come, allowing us to unlock new sources of value for our shareholders," said Tigran Khudaverdyan, Deputy CEO of Yandex.?The transaction will be implemented in two stages:https://yandex.com/company/.Contacts:Investor RelationsYulia Gerasimova, Katya ZhukovaPhone: +7 495 974-35-38E-mail: askIR@yandex-team.ru?Press Office:Ilya Grabovskiy, Asya PanoyanPhone: +7 495 739-70-00E-mail: email@example.com ?
31.08.2021 MSK Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement.The EquityStory.RS, LLC Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de