Yandex, Uber JV to buy Vezet Russian assets in expansion push

MOSCOW: Russian internet company Yandex NV said on Monday its ride-sharing and food delivery joint venture with Uber had agreed to buy intellectual property and local call centres from Vezet group as it plans further expansion in the country.

Vezet group operates in 123 Russian cities under the Vezet, Taxi Saturn, Fasten and Red Taxi brands. Yandex declined to provide additional information about the deal or how it may relate to the Yandex.Taxi IPO plans. Yandex said current Vezet shareholders will receive new shares in MLU, representing up to 3.6per cent of the issued share capital of the company, together with up to US$71.5 million in cash.Yandex will own 56.2per cent of MLU after the deal and Uber 35.0per cent, while about 5.3per cent will be held by employees under the MLU equity incentive plan.

"If the deal takes place, I think it will be positive for Yandex, because the company is strengthening its position in the taxi market and increasing the market share," Vladimir Bespalov from VTB Capital said.Channel NewsAsia - Sentifi topic widget

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