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Yandex-Uber JV MLU acquires regional rival Vezet for shares and $71.5M in cash


Uber
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Vezet
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Taxi Saturn
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Russian


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Yandex .taxi
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The New York Times
SOURCE: https://techcrunch.com/2019/07/15/yandex-uber-jv-mlu-acquires-regional-rival-vezet-for-shares-and-71-5m-in-cash/
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Summary

Today, MLU, Uber’s ride-sharing and food delivery JV with Yandex (by way of Yandex .taxi) covering cities in Russia and surrounding regions, announced that it has acquired Vezet, a smaller rival that operates in 123 markets in the same region, for a price that’s estimated to be in the region of $204 million.Alongside that MLU said that it would be investing an further 8 billion rubles ($127 million) in the Russian regions over the next three years, with half towards safety and security — including driver training — and half for “supporting regional drivers and taxi fleet companies.” (The latter could be in the form of special incentives to continue encouraging them to drive with MLU over others, and other loyalty programs.)Current shareholders of Vezet “will receive new shares in MLU, representing up to 3.6% of the issued share capital of the company at closing, together with up to $71.5 million in cash,” based on Vezet meeting certain performance and integration targets, the companies said.

As said here by Ingrid Lunden