Russian technology firm Yandex and ride hailing company Uber Technologies will spin off the self-driving car unit of their joint venture into a separate company, giving Yandex more control over the businesses and paving the way for new investors.
Russia’s largest internet company will invest $150 million (Dh550.5m) in the new division, Yandex Self-Driving Group, the companies said in a statement on Friday.
It will also purchase part of Uber’s stake, and as a result the Moscow-based company will have 73 per cent ownership of the division, and Uber will have 19 per cent, with the rest reserved for the unit’s management.
Yandex will also contribute its car-sharing business to the joint venture with Uber, which is known as MLU BV and includes ride hailing and food delivery, the companies said in a separate statement.
This will leave Uber with a 33.5 per cent stake in MLU, compared with about 37 per cent as of June 30. Drive, car-sharing service owned by Yandex, has about 16,000 cars across several Russian cities.
The changes will give Yandex more control over the businesses and give it more freedom to develop the technology. Earlier this year, Yandex had been considering buying out Uber’s stake in MLU.
“By spinning off self-driving business Yandex paves the way to attract external investors into it in the future,” Sergey Libin, analyst at Raiffeisenbank in Moscow, said. The restructuring and addition of car-sharing “makes it more attractive for a potential IPO.”
Uber spun-off its self-driving unit last year to attract investors led by SoftBank Group. Alphabet raised $2.25 billion for its Waymo self-driving unit earlier this year after having spun it off in 2016.
A spokeswoman for Yandex declined to comment on possible plans to attract external investors into the self-driving unit.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Business Insights
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- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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