RTTNews | Sep 4, 2020 04:38AM EDT

04:38 Friday, September 4, 2020 (RTTNews.com) - Yandex N.V. (YNDX) and Uber (UBER) have entered into agreements to spin off the self-driving vehicles business, Yandex Self Driving Group B.V., from their joint venture, MLU B.V. Yandex will invest $150 million into Yandex SDG, $100 million of which will be in the form of equity and the remaining $50 million in the form of a convertible loan. Yandex will also purchase a portion of Uber's stake in Yandex SDG. As a result, Yandex will own 73% of Yandex Self Driving Group, while Uber will own 19%. The remaining 8% will be reserved for Yandex SDG management and employees.

Yandex N.V. also agreed with Uber to contribute the Yandex.Drive car-sharing business from Yandex N.V. to MLU B.V. Following this, Yandex will own 61.7% of MLU, while Uber will own 33.5% of the issued share capital of the company. The remaining shares will be reserved for MLU management and employees.

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