Yandex has struck a US$1 billion deal to buy out US ride-hailing giant Uber from a host of the pair’s joint ventures in Russia, the company announced Tuesday, August 31.
Shares in the Russian technology giant jumped more than 3% at the start of trading in New York, where the company is listed on the Nasdaq exchange, to a new all-time high of US$76 each on the news.
The deal signals a new era in the partnership between Yandex and Uber which has seen the pair cement its position as Russia’s leading ride-hailing service and launch a host of initiatives in areas such as self-driving vehicles, express food delivery, and car-sharing.
Under the terms of the deal, Yandex will take full ownership of its food delivery operations — express grocery delivery Yandex Lavka and the Yandex Eats fast-food delivery service — as well as the company’s self-driving group, which is developing autonomous vehicles.
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