Russia’s Yandex Is Laying The Groundwork For Taking Greater Control Of Its Taxi Business

Having recently cut ties with Sberbank, Russian tech giant Yandex wants to emerge from the Covid-19 crisis in a state of greater independence and the next step is taking full ownership of its ride-hailing business.

During a conference call last month, Greg Abovsky, Yandex’s COO and CFO, said the company was seeking to buy Uber’s minority stake in ride-hailing and delivery division Yandex.Taxi. 

The move would give the Russian firm a much stronger hold of the ride-hailing business in Russia and neighboring countries. It operates in several other countries in Eastern Europe and Central Asia. 

Yandex currently holds a majority stake of 61% in the taxi operations while Uber holds 38%. The remaining 1% is held by management in the company.

Abovsky said on the call that Yandex wants to own more of the businesses it already has stakes in.

Source: Forbes (2020)

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