Yandex, Russia's biggest internet company, has said it plans to buy Uber's shares in their joint self-driving vehicle and food-delivery businesses and increase its stake in their joint mobility-focused unit in a deal valued at $1 billion.
Yandex will buy Uber's 33.5 per cent indirect interest in Yandex.Eats, Yandex.Lavka and Yandex.Delivery, as well as its 18.2 per cent stake in the Yandex Self-Driving Group to full own the four businesses, the Russian technology company said on Tuesday.
The deal will also give Yandex an additional 4.5 per cent interest in the mobility-focused joint venture MLU, raising its stake to 71 per cent. It will also receive a two-year call option to acquire Uber’s remaining 29 per cent stake in MLU for up to $2bn.
The newly restructured MLU will continue to focus on mobility businesses, including ride-hailing and car-sharing services, Yandex said.
"The consolidation of these businesses puts us in a great position to further increase strategic management flexibility, while creating new substantial growth potential for our businesses and cross-platform consumer benefits over the years to come, allowing us to unlock new sources of value for our shareholders,” said Tigran Khudaverdyan, deputy chief executive of Yandex.
Yandex, a top search and ride-hailing service provider in Russia, will also extend its licence for the exclusive right to use the Uber brand in Russia and certain other countries until August 2030, assuming the exercise of the option, it said.
Yandex's acquisition of 4.5 per cent of MLU and 18.2 per cent of the Yandex Self-Driving Group is expected to close by the end of the third quarter of this year, the company said.
The demerger of Yandex.Eats, Yandex.Lavka and Yandex.Delivery from MLU and subsequent acquisition of Uber’s interest in these businesses is expected to be completed by the end of 2021.
The deal has been approved by the boards of both Yandex and Uber and is not subject to antitrust or other regulatory approvals.
Yandex had been looking to buy out Uber for more than a year as the Covid-19 pandemic spurred demand for delivery and food services in the Russian market.
Uber merged its operations in Russia and neighbouring countries with Yandex in February 2018, in a deal that valued the unit at $3.8bn. Since then, the joint venture expanded into other businesses such as food delivery and drones.
Yandex.Eats is a food and grocery delivery service found in more than 170 cities in Russia and across the Commonwealth of Independent States. It offers 30-minute to 60-minute deliveries from over 35,000 restaurants and more than 2,900 shops.
Yandex.Lavka is a local convenience shop delivery business that offers 15-minute deliveries from more than 360 shops in Russia and Israel.
The Yandex Self-Driving Group has been developing proprietary self-driving technology since 2017. As of Tuesday, it had 170 cars in its self-driving fleet.
Since late 2019, the company has also been developing its own robot, named the Yandex.Rover, for the delivery of small and medium packages.
Yandex.Rovers are already delivering orders to customers in Russia and the US, where the company recently announced a partnership with Grubhub to provide food delivery services to college campuses across the US.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
SPECS
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
AIDA%20RETURNS
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Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
MATCH INFO
Euro 2020 qualifier
Croatia v Hungary, Thursday, 10.45pm, UAE
TV: Match on BeIN Sports
