Benzinga | Aug 31, 2021 03:25PM EDT

Why Yandex Stock Is Trading Higher Today

Yandex (NASDAQ:YNDX) shares are trading higher after the company announced it will acquire 100% of Uber's interest in the Foodtech, Delivery and Self-driving businesses.

"Since we started our partnership with Uber in 2018, we've been able to create and rapidly develop a number of successful businesses -- all of them are highly synergetic to our e-commerce initiative and to the entire Yandex ecosystem. The consolidation of these businesses puts us in a great position to further increase strategic management flexibility, while creating new substantial growth potential for our businesses and cross-platform consumer benefits over the years to come, allowing us to unlock new sources of value for our shareholders," said Tigran Khudaverdyan, Deputy CEO of Yandex.

Yandex NV is an internet and technology company and operating internet search engines in Russia. It builds products and services powered by machine learning.

At last check, Yandex was trading 5.22% higher at $76.95 per share.