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Yandex.Taxi Announces Acquisition of Selected Assets of Vezet Group

EquityStory.RS, LLC-News: Yandex N.V. / Key word(s): Acquisition/Acquisition Yandex.Taxi Announces Acquisition of Selected Assets of Vezet Group 02.02.2021 / 13:30 MSK The issuer is solely responsible for the content of this announcement. Yandex.Taxi Announces Acquisition of Selected Assets of Vezet Group

 

Transaction includes the call centers and cargo business of Vezet Group

 

Moscow and Amsterdam, the Netherlands, February 2, 2021 - Yandex (NASDAQ and MOEX: YNDX), one of Europe's largest internet companies and the leading search provider in Russia, today announced that MLU B.V. ("MLU"), Yandex's ride-sharing and food delivery joint venture, has completed the acquisition of the call centers and cargo business of Vezet Group.

 

Current shareholders of Vezet Group will receive up to $178 million in cash, a significant part of which will be contingent on certain integration milestones. The agreement represents a narrower scope and revised financial terms compared to the previously announced July 2019 transaction, which the parties have agreed to terminate.

 

The transaction will allow MLU to ramp up the development of logistics services and enhance customer care across Russian regions.

Vezet Group customers will continue to be able to order services by phone, as well as through the Yandex Go app, with its collection of ride-hailing, food and grocery delivery and logistics services, available in their region.

Drivers will be given the opportunity to migrate to Yandex Pro, Yandex's platform for ride-hailing and logistics partners, couriers and other professionals, and will be eligible to participate in support and educational programs offered by Yandex.

The parties anticipate that integration with the MLU platform will complete in the second quarter of 2021.

About Vezet

Vezet Group was established in May 2017, following the merger of two local companies, Saturn and RuTaxi. Today, the company provides services, including ride-hailing, cargo and food delivery, in over 100 Russian cities, and enables users to make orders either by phone or using a mobile app. Call processing takes an average of 20 seconds, which is one of the best results across the industry.