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)