Yandex and Uber to Spin Off Self-Driving Cars Into New Company
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Yandex NV and Uber Technologies Inc. will spin off the self-driving car unit of their joint venture into a separate company, giving Yandex more control over the businesses and paving the way for new investors.
Russia’s largest internet company will invest $150 million in the new division, Yandex Self-Driving Group BV, the companies said in a statement on Friday. It will also purchase part of Uber’s stake, and as a result the Moscow-based company will have 73% ownership of the division, and Uber will have 19%, with the rest reserved for the unit’s management.