Russian technology powerhouse Yandex announced on Friday its purchase of Uber’s stake in their joint taxi venture, marking a significant shift in the industry’s landscape.

The deal, valued at $702.5 million, grants Yandex sole ownership of the group, encompassing a range of services such as taxi ordering, carsharing, and scooter rental.

Yandex said in a statement; “As a result of the deal, Yandex will become the sole owner of the group, which includes a taxi ordering service, carsharing and scooter rental.”

With this bold move, Yandex cements its position as a leader in the competitive market of transportation technology, signaling a new chapter for the company’s growth and expansion.