Yandex N.V. (“Yandex”) entered into an agreement (the “Agreement”) with Uber NL Holdings 1 B.V. (“Uber”), a subsidiary of Uber Technologies Inc., pursuant to which Yandex agreed to purchase, and Uber agreed to sell, Uber’s entire remaining interest in the parties’ mobility joint venture, MLU B.V. (“MLU”).

The closing pursuant to the Agreement (the “Closing”) occurred on April 21, 2023. Yandex acquired Uber’s entire remaining 28.98% interest in MLU for total consideration in cash of $702.5 million (the “Transaction”).

The boards of directors of both Uber and Yandex approved the Transaction. The Transaction was not subject to the approval of the shareholders of either Uber or Yandex. The parties received all required 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The Agreement superseded and was in lieu of the call option Uber granted to Yandex under a Framework Agreement dated September 7, 2021 (the “Call Option”). The Call Option was exercisable until September 7, 2023.

The Agreement contains warranties, indemnities and covenants customary for a transaction of this nature, including releases by each party of any claims against the other, including in connection with the Transaction and prior agreements among the parties.

Source: Company Press Release