Yandex ride-sharing joint venture with Uber to buy Vezet group

The current shareholders of Vezet will receive new shares in MLU, representing up to 3.6% of the issued share capital of the company at closing, together with up to USD 71.5 million in cash, subject to certain operating and integration milestones. Following the completion of the acquisition, Yandex will own 56.2% of MLU, Uber will own 35.0%, and employees will hold approximately 5.3% under the MLU equity incentive plan.

After the closing of the transaction, in addition to the Yandex.Taxi and Uber Russia apps, consumers will be able to order a taxi by using Rutaxi and Vezet mobile applications or by using the Vezet call center. Driver-side apps will be integrated into a single technology platform. MLU and Vezet will continue to invest in driver training and support centers, driver loyalty programs, and other services that support drivers and fleet management companies.

The companies expect to close the deal by the end of 2019. The transaction has been approved by the Supervisory Board of MLU and by the Boards of Directors of Yandex and Vezet, and is subject to approval by the Russian Federal Antimonopoly Service.