Source: Govt body clears Yandex to buy Uber’s share in JV

MOSCOW, Feb 28 (PRIME) -- A sub-commission of the Russian government’s foreign investment commission has approved Internet company Yandex’ acquisition of its share in MLU B.V., a joint venture with U.S. ride-sharing company Uber that owns Yandex Taxi and Yandex Drive, a source close to the sub-commission told PRIME late on Monday.

“The deal is de-facto agreed…The deal is good, the terms are superb. The sub-commission made the decision last week…The deal is done at extremely good terms…The discount amounts to no less than 50% of valuation,” the source said.

At present, Yandex holds 71% in the joint venture and Uber 28%. RBC Daily said in early February that Yandex agreed to buy Uber’s interest for U.S. $925 million.

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