Uber Looks to Buy Ride-Hailing Business From BMW and Daimler

Fresh off its license win in London, Uber Technologies (NYSE: UBER) is looking to further expand its presence in Europe by buying the Your Now ride-hailing joint venture of BMW (OTC: BAMXF) and Daimler (OTC: DMLRY), according to a report on Monday by Bloomberg. Daimler valued the ridesharing business at $720 million in June, Bloomberg said. An acquisition of Your Now would allow Uber to penetrate deeper into Europe at a time when it is shedding minority stakes in businesses in various countries, including Asian ridesharing app Grab, and the similar business of Russian tech conglomerate Yandex, though it will still own a 19% stake in Yandex when the business is spun off.