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The search engine giant will control almost 60 percent of a new ride-sharing company with a six-country reach.14 July 2017
Dubbed the “Google of Russia,” Yandex launched a taxi service in 2011 and has been Uber’s biggest rival in the scramble for market share, Bloomberg reports.
Yandex shares rose 20 percent after yesterday’s announcement, according to Reuters.
"With this deal Yandex eliminates an aggressive competitor which, in the long run, will lead to improved monetization and profitability," Raiffeisen Bank analyst Sergey Libin said.
Yandex will invest $100 million in the new venture and Uber will invest $225 million and receive a 36.6 percent stake. Yandex will control 59.3 percent and employees the remaining 4.1 percent, Reuters says.
The company will operate in 127 cities in Russia, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan, handling 35 million rides a month.
A unified platform after the merger will allow drivers to receive orders from both Yandex.Taxi and Uber apps, Yandex.Taxi chief executive Tigran Khudaverdyan said in a company statement. He will head the new, as yet unnamed company.
Uber’s food delivery business UberEats will also be operated by the new company.
Khudaverdyan said the deal should be closed in the fourth quarter following regulatory approvals.
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