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Yandex Is Said to Consider Buying Out Uber From Russian Venture

  • Ride-hailing venture MLU was valued at $3.8 billion in 2018
  • Yandex may buy Uber’s stake in MLU instead of holding an IPO
Photographer: Andrey Rudakov/Bloomberg

Russian technology firm Yandex NV is considering buying Uber Technologies Inc.’s 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% 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 as of March 31. After February 2021, any transfer of the joint venture is subject to a right of first refusal in favor of Yandex, according to Uber.