(Bloomberg) — Yandex NV is buying out Uber Technologies Inc.’s share in their food delivery ventures and self-driving vehicles in a deal valued at $1 billion, the Russian internet giant said in a statement Tuesday.
Yandex is buying Uber’s share in the Yandex.Eats, Lavka and Delivery businesses, as well as the self-driving business that operates cars and delivery drones, according to the statement. Both boards have approved the deal, which is expected to close by year-end.
The companies will continue to jointly operate their ride-hailing and car-share business, with Yandex acquiring an additional 4.5%, bringing its stake to 71%.
“As a result of the deal, Yandex expects to accelerate the pace of business development in the fast-growing e-commerce and food-tech market through tighter integration of services and simplification of management processes,” according to the statement.
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