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

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

On-demand transportation giant Uber made its name in part by aggressively entering new markets on a path of organic growth, but in recent times, it has shown itself more amenable to the concept of expansion through acquisition. Today, MLU, Uber's ridesharing and food delivery JV with Yandex (by way of Yandex .taxi) covering cities in Russia and surrounding regions, announced that it is buying 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. 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.