Uber sells remaining business in Russia at half price
The company has announced its intention to speed up the sale of its stake in Ukraine due to the war
Uber, the world's largest taxi service, is finally leaving the Russian market.
Source. This was reported by Interfax with reference to knowledgeable people.
Details. The Russian government has approved a deal to sell Uber a stake in a joint venture with Yandex. JV.
The 29% stake will be sold to Yandex at a discount of at least 50%, a source told Interfax.
"De facto, this deal has already been agreed," the source said, adding that the decision was made last week.
In December 2021, Yandex bought out Uber's shares for $1 billion and acquired a 4.5% stake in the joint venture. Under the terms of the agreement, the company was going to buy the remaining 29% of the joint venture for $1.8-2 billion by September 2023.
However, in March last year, Uber announced its intention to accelerate the sale of its stake due to the war in Ukraine. As a result, the value of the assets dropped.
In December, the Agency cited sources as saying that Ivan Tavrin's Kismet Capital Group was going to buy out 29% of the joint venture for $925 million. This played into the hands of Uber, which wanted to sell its stake in the joint venture as expensive as possible. Earlier this year, an RBC source said that Yandex would still acquire the remaining 29% in Uber for $925 million.
Background. In January, it was reported that Uber had doubled its contribution to the ambulance for Ukraine.
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