Uber and Yan­dex com­bine forces in Rus­sia

Muscat Daily - - BUSINESS -

Uber is to merge its Rus­sian busi­ness with lo­cal com­peti­tor Yan­dex, af­ter the US ride­hail­ing firm spent mil­lions to build a pres­ence in Rus­sia and other coun­tries in the re­gion.

Yan­dex, com­pared to a Rus­sian Google, will own about 59 per cent of the com­bined com­pany, val­ued at US$3.7bn.

The deal heads off com­pe­ti­tion from Uber, which launched in Rus­sia in 2014. Their ri­valry had fu­elled a price war.

Ti­gran Khu­dav­erdyan, who heads Yan­dex.Taxi will be the boss of the new com­pany.

Yan­dex will con­trib­ute US$100mn to the new com­pany, which will op­er­ate in 127 ci­ties in Rus­sia, Azer­bai­jan, Ar­me­nia, Be­larus, Ge­or­gia and Kaza­khstan.

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