FAS: CONCLUSION OF THE TRANSACTION YANDEX.TAXI / VEZET MAY NEGATIVELY AFFECT THE LEVEL OF ECONOMIC CONCENTRATION IN THE TAXI MARKET
However, in accordance with the current legislation, the transaction does not require approval by the competition authority. The amendments to the Law on Protection of Competition (the “Fifth Antimonopoly Package”) developed by the FAS Russia provide for the need to approve transactions that amount to more than 7 billion rubles*.
In February 2021, the media reported that “Yandex” announced the purchase of the taxi aggregator “Vezet”. The FAS Russia immediately requested all documents on the transaction from “Yandex” to verify compliance with the requirements of the antimonopoly legislation.
After analysis of the information received, it was confirmed that the announced transaction does not require approval by the antimonopoly authority, since the value of the assets of the acquired companies is less than 400 million rubles**.
The FAS Russia notes that the purchase of the taxi aggregator “Vezet” by “Yandex” may negatively affect the level of economic concentration, but the transaction does not contradict the current legislation. The "Fifth Antimonopoly Package" proposes to introduce a requirement for mandatory approval of a transaction if its price exceeds 7 billion rubles.
It should be reminded that in June 2020, the FAS Russia refused to satisfy “Yandex's” request to purchase the taxi aggregator “Vezet”, since this transaction could lead to the restriction of competition. In case of such a transaction, the joint share of “Yandex.Taxi” and “Vezet” would be 70% within the borders of the Russian Federation, over 80% within the borders of 19 subjects of the Russian Federation and over 50% within the borders of 32 subjects.
* The transaction value of Yandex.Taxi/Vezet is 178 million US dollars (more than 13 billion rubles)
** According to part 1 of Article 28 of the Law on Protection of Competition, if the total value of assets on the last balance sheets of the person acquiring stocks (shares), rights and (or) property, and the group of persons, the person who is the object of economic concentration, and the group of persons exceeds seven billion rubles, or if their aggregate revenues from the sale of goods for the last calendar year exceeds ten billion rubles, and at the same time the aggregate asset value on the last balance sheet of the person who is the object of economic concentration, and the group of persons exceeds four hundred million rubles, transactions with tocks (shares), rights and (or) property shall be conducted subject to preliminary approval by the antimonopoly body.