Uber and Yandex combine forces in Russia
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.