Uber and Yandex, the "Google of Russia", have agreed to combine their Russian ride-sharing businesses, with Yandex becoming the leading partner in a deal that extends to five neighbouring markets
Representation pic
Uber and Yandex, the "Google of Russia", have agreed to combine their Russian ride-sharing businesses, with Yandex becoming the leading partner in a deal that extends to five neighbouring markets.
The agreement sent Yandex shares rocketing 17 percent in afternoon Moscow trade on Thursday and follows the merger in May of rival Russian taxi players Fasten and Rutaxi. The deal marks another pullback from Uber's breakneck global expansion, coming a year after its exit from China. San Francisco-based Uber has agreed to invest $225 million (13.5 billion roubles) while Yandex will contribute $100 million into a new joint company in which Yandex will own 59.3 percent and employees have a 4.1 percent stake.
In a joint statement, Yandex and Uber said they will join forces in Russia, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan to create a new company operating in some 127 cities, in a deal expected to close in the fourth quarter. Uber will contribute its UberEATS business to the new venture.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
