Yandex Wants to Buy Back the Entire Share of Uber
Yandex is considering buying back Uber Technologies’ share in Yandex.Taxi instead of conducting an initial public offering (IPO) of this unit, Bloomberg sources familiar with the situation said.
According to two agency sources, Yandex wants to buy back the entire share of Uber, which is 38%. Uber previously estimated its stake in the joint venture at $1.24 billion. It is noted that the discussions are at an early stage and may not lead to a buyback, and Yandex may still return to the plans for an IPO taxi business in the future.
In October, Bloomberg, citing sources, reported that Yandex.Taxi was negotiating the appointment of Morgan Stanley and Goldman Sachs as IPO organizers.
According to the agency, MLU BV (the combined company Yandex. Taxi and Uber) is preparing for a double listing in Russia and the United States and discusses a wide range of potential valuations — from 5 to 8 billion dollars — depending on the final composition of the business, which will be launched on exchange, and investor demand.
Author: Marko Vidrih
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