Europe’s leading internet company, Yandex N.V. has entered into an agreement with Uber NL Holdings 1 B.V. to acquire remaining shares in Uber’s mobility joint venture, MLU B.V.
The Agreement closed on April 21, 2023.
Yandex acquired Uber’s entire remaining 28.98% interest in MLU for total consideration in cash of $702.5 million.
Yandex in its filing said, “Yandex The boards of directors of both Uber and Yandex approved the Transaction. The Transaction was not subject to the approval of Uber or Yandex shareholders. The parties received all regulatory approvals.”
“The Agreement superseded and was in lieu of the call option Uber granted to Yandex under a Framework Agreement dated September 7, 2021. The Call Option was exercisable until September 7, 2023,” the filing added.
The Agreement contains warranties, indemnities, and covenants customary for a transaction of this nature. It also includes releases by each party of any claims against the other, including in connection with the Transaction and prior agreements among the parties.
