Yandex to spin off self-driving business from jv with uber

It has entered into agreement with uber technologies inc <<>> to spin off their self-driving vehicles business, yandex self driving group b.v. (yandex sdg), from their ride-hailing and foodtech joint venture, mlu b.v..at the same time as the spin-off transaction, yandex will invest $150 million into yandex sdg, $100 million of which will be in the form of equity with the remaining $50 million in the form of a convertible loan..as a result of the transactions, yandex will own 73% of yandex sdg, while uber will own 19%. the remaining 8% will be reserved for yandex sdg's management and employees..yandex has also agreed with uber to contribute its car-sharing business, yandex.drive, to their mlu jv..following the addition of yandex.drive to mlu, 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..both transactions are subject to customary closing conditions and are expected to close in q3 2020..
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