Uber estimates its loss at $42 million for 2018 from ownership interest in JV with Yandex.Taxi

12.04.2019,12:04


April 12, Fineko/abc.az. Uber Advanced Technologies has estimated its losses from the ownership interest in the joint venture with Yandex.Taxi in the amount of $42 million at the end of 2018, as it follows from the materials to the IPO prospectus of the American company.

TASS reports that the documents say that Uber now owns about 38% of the joint venture with Yandex.Taxi (at the close of the deal - 36.9%). It follows from the materials that the American company will hardly be able to sell shares in the JV until the beginning of 2021.

In addition, according to the agreement, Uber has no right to compete with Yandex.Taxi until the beginning of 2025 in the case of the sale of its stake in the JV, while the "subsidiary" company has no restrictions.

Yandex.Taxi and Uber combined in February 2018 the online taxi services in Russia. Both companies have already invested $325 million in the joint business, which is valued at more than $3.8 billion. About 59.3% in the JV belongs to Yandex, about 38% to Uber, and the remaining shares of the company belong to employees.