Uber Walks Away From Russian Market, Partners With Yandex Instead

Eloi Lecerf
Julho 13, 2017

Uber said Thursday it will merge its ride-hailing business in Russian Federation with Yandex, the top search engine in the country.

San Francisco-based Uber has agreed to invest $225 million (roughly Rs. 1,450 crores) while Yandex will invest $100 million into a new joint company in which Yandex will own 59.3 percent, Uber holds 36.6 percent and 4.1 percent by employees on a fully diluted basis.

The announcement contributed to a surge of 20 percent in Yandex's Nasdaq-listed stock ahead of Thursday's market open.

The new company, valued at 3.7 billion United States dollars (£2.8 billion), will operate in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia and will be 59% owned by Yandex, 37% by Uber and 4% by staff.

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Uber inked a similar deal in China a year ago when it merged its business in the Asian powerhouse with rival Didi Chuxing.

Yandex Taxi CEO Tigran Khudaverdyan will serve as CEO of the combined ride-hailing service, which predicts bookings of 35 million rides per month across 127 cities.

Once the transaction is complete, which the duo expect to happen in Q4, riders will be able to use both Yandex and Uber apps, but the driver apps will be integrated, "leading to shorter passenger wait times, increased driver utilization rates, and higher service reliability", according to a separate Yandex statement.

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