Press Release

Morgan Lewis Advises Yandex in Combination of the Ridesharing Businesses of Yandex and Uber in Russia and Neighboring Countries

Thursday, July 13, 2017

LONDON, July 13, 2017: Morgan Lewis is representing Yandex (NASDAQ:YNDX), one of Europe's largest internet companies and the leading search provider in Russia, in a transaction with Uber to combine their ridesharing businesses in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia. Uber will also invest $225 million and Yandex will invest $100 million in cash in the combined business. Yandex will hold approximately 59.3% of the combined business, Uber will hold 36.6%, and employees will hold 4.1%, on a fully diluted basis, representing a post-transaction value of $3.725 billion. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the fourth quarter of 2017.

Morgan Lewis lawyers in Moscow, London, Almaty, New York and San Francisco are advising Yandex on the corporate, intellectual property, tax and competition aspects of the transaction. The team is led by partner Tim Corbett and includes Dina Kzylkhodjaeva, Anastasia Dergacheva, Valentina Semenikhina, Ksenia Andreeva, Anastasia Kiseleva, Ekaterina Khitrova, Robert Hutton, Angus Young, Sonia Namutebi, Omar Shah, Leonidas Theodosiou, Rahul Kapoor, Cindy Dole, Shokoh Yaghoubi, Richard Zarin, Katerina Heal, Paul Beausang, Dmitry Dmitriev, Oleg Egorov, Marat Mukhamediyev, Rodion Vizavitsky, and Jack Shawdon.

Read the press release issued by Yandex.