Yandex mulls buying out Uber’s stake from its Russian joint venture – The National

Yandex mulls buying out Uber’s stake from its Russian joint venture – The National

Yandex mulls buying out Uber's stake from its Russian joint venture. The company is looking at purchasing Uber's 38 per cent stake in Yandex.. Russian technology firm Yandex is considering buying Uber Technologies' stake in their joint ride-hailing unit instead of seeking an initial public offering of the division, according to two people familiar with the matter.. The company that operates Russia's largest internet-search engine and ride-hailing service wants to buy all of Uber's 38 per cent stake in Yandex.. Taxi, said the people, who asked not to be named as the discussions are confidential.. Uber valued its stake in the joint venture at $1.24 billion (Dh4.5bn) as of March 31.. After February 2021, any transfer of the joint venture is subject to a right of first refusal in favour of Yandex, according to Uber.. A spokesperson for Uber declined to comment.. Against the backdrop, Yandex is looking at restructuring the venture given that its car-sharing business, currently not part of the Uber joint venture, may complement its taxi service, one of the people said.. The Russian government's measures to combat the spread of the coronavirus have hit demand for ride-hailing services..