Yandex Taxi takes control of Uber in Russia
Thursday, July 13, 2017
Uber is ceding control of the Russian market by agreeing to merge its ridesharing business in the country and five other ex-Soviet republics with Yandex, the Russian search-engine leader that also runs a popular taxi-booking app.
A statement by Yandex said Uber and Yandex Taxi would combine into a new company in Russia, Azerbaijan, Armenia, Belarus and Kazakhstan. Yandex will own about 59 percent and Uber roughly 37 percent.
The statement said that Uber will invest US$225 million in the company and Yandex $100 million.
Yandex shares gained by 15 percent on the Moscow stock exchange on the news. The company is one of Russia’s most successful Internet enterprises, accounting for some 65 percent of all searches and operating popular maps and public transit apps.-AP