Yandex mulls buying back Uber’s stake in Yandex.Taxi instead of its IPO



by   |  VIEW 1183

Yandex mulls buying back Uber’s stake in Yandex.Taxi instead of its IPO

Yandex, the Moscow-based Russian Internet services provider, had been exploring an option to buyback Uber Technologies’ stakes in Yandex.Taxi instead of forging ahead with an IPO (Initial Public Offering) for the unit, a Bloomberg report had revealed later this week citing two sources familiar with the subject-matter.

In point of fact, according to an estimate revealed by the ride-hailing industry pioneer Uber Technologies back in March this year, Uber holds nearly 38 per cent stake at its Yandex.Taxi JV, which could be valued at a lofty sum of roughly $1.24 billion.

However, the Bloomberg report was quoted one of the sources as saying that the Russian Internet giant, Yandex was looking to buy all of Uber’s stake in the joint venture, while followed by the reveal of the Bloomberg report, Nasdaq-listed shares’ prices of Yandex surged 4.69 per cent to $42.18, nonetheless, its Moscow-listed shares winded down the day 1.08 per cent lower to 2,850 Russian Rubble following a late-afternoon sell-off wave.

Yandex considers possible revamp of Yandex.Taxi ownership

On top of that, although the Bloomberg report was also quoted another source as saying that the talks between Yandex and Uber over a potential sale of all of the Yandex.Taxi stakes held by the Uber Technologies, had still been in an early stage and the Russian Internet giant could still hold an IPO for Yandex.Taxi in a near-future, adding that the Moscow-based Internet services company, widely known as the Google of Russia, had been in talks over the issue and looking towards a potential revamp of its Yandex.Taxi JV ownership, Yandex said in a statement in response to a press agency request, “Yandex is always considering various options for a possible restructuring of its ownership in joint ventures and is open to discussions on this issue”.

Nonetheless, later last year, sources close to Yandex.Taxi had told that the Yandex-Uber JV had been actively preparing to roll out an IPO.