Yandex Contributes its Yandex.Drive Car-Sharing Business to Yandex Taxi Group
Yandex N.V. - Class A Ordinary Shares (YNDX)
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Source: GlobeNewswire
Yandex’s stake in ride-hailing and foodtech JV with Uber to increase to 62% MOSCOW and AMSTERDAM, Sept. 04, 2020 (GLOBE NEWSWIRE) -- Yandex N.V. (NASDAQ and MOEX: YNDX) today entered into an agreement with Uber to contribute the Yandex.Drive car-sharing business from Yandex N.V. to MLU B.V. (MLU), Yandex’s ride-hailing and foodtech joint venture with Uber. Following the addition of Yandex.Drive to MLU, Yandex will own 61.7% of MLU, while Uber will own 33.5% of the issued share capital of the company. The remaining shares will be reserved for MLU management and employees. Yandex.Drive was developed by Yandex in February 2018. It offers on-demand access to a fleet of 16,000 cars in Moscow, St Petersburg, Kazan and Sochi, making it the largest free-floating car-sharing platform in Russia and the world. Since its launch, users have completed more than 73 million rides on Yandex.Drive. Yandex.Drive has benefited from tight integration into the Yandex ecosystem, as well as its ability
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