Yandex.Taxi, the taxi-hailing and food delivery joint venture of Yandex and Uber (formally called ‘MLU’), has completed the acquisition of the call centers and cargo business of Vezet Group.
‘Vezet’ means “it’s giving a ride” or “to be in luck” in Russian. Established in May 2017 (resulting from the merger of two local companies), Vezet Group provides ride-hailing, cargo and food delivery services in more than a hundred Russian cities. Taxis are ordered either via a mobile app or a call center in just 20 seconds on average — which Yandex presents as “one of the best results across the industry.”
“The transaction will allow MLU to ramp up the development of logistics services and enhance customer care across Russian regions,” Yandex stated.
Vezet’s services will now be accessible through the Yandex Go app, with offers ride-hailing, food and grocery delivery and logistics services. Meanwhile, the drivers affiliated with Vezet will be given the opportunity to migrate to Yandex Pro, Yandex’s platform for ride-hailing and logistics partners, couriers and other professionals. They will also will be eligible to “participate in support and educational programs offered by Yandex.”
On their side, Vezet’s shareholders will “receive up to $178 million in cash, a significant part of which will be contingent on certain integration milestones.”
Yandex had agreed a deal with Vezet back in 2019 — but Mail.ru Group, Yandex’s archrival in the Russian digital sphere, claimed to have the right to veto the sale of Vezet Group’s key assets. The group referred to an earlier convertible loan agreement with Vezet.
The terms of the present agreement between Yandex.Taxi and Vezet Group differ from those announced in 2019: Yandex specifies that the scope of the new deal is “ narrower,” that the financial terms were “revised” and that the previous agreement is “terminated.”
However, the next day after Yandex’s announcement, the Federal Antimonopoly Service said the transaction should be checked for approval — a procedure which Yandex had not deemed necessary, as reported by TASS.
