“Richard Branson-backed” hyperloop startup seeks funding on Bucharest's SeedBlink
1 day ago
Russian internet major Yandex has the right to sell its stake in Uber Technologies that are worth $96mn, Prime reported on April 12 citing documents published by Uber.
Taxi service of Yandex - Yandex.Taxi - and Uber have combined the businesses in Russia, Kazakhstan, Belarus, Azerbaijan, Armenia and Georgia, investing in the capital of the new company $225mn and $100mn respectively.
The deal was closed in February last year and 59.3% of the joint venture belongs to Yandex, 36.9% belong to Uber, and another 3.8% belong to employees.
According to the report, during the creation of the JV, Uber issued 2mn ordinary class A shares in favour of Yandex worth $52mn. Should Yandex claim a mandatory buyout offer for the shares, it would now be worth $96mn.
In the meantime, Uber had a loss of $42mn in the JV, the company said in its IPO presentation, as recently Uber Technologies has renewed talks of holding an IPO in 2019.
Last year BCS Global Markets commented that the IPO and record-high valuation of Uber is a "positive signal for Yandex.Taxi", noting that the price of Uber's IPO could serve as a future benchmark for Yandex.Taxi valuation whenever it decides to go public.
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