Uber and Yandex will be spinning off their self-driving car subsidiary into its own entity – MLU BV.
MLU BV will have $150 million in new capital from Yandex, including $100 million in equity and $50 million as a convertible loan.
In connection with the deal, Yandex will hold 61.7% of MLU and Uber will own 33.5%. Bloomberg reported in June that Yandex had been looking to buy all of Uber’s initial 38% stake as an alternative to taking the taxi business public. Uber merged its Russian operations with Moscow-based Yandex in 2017.