Jul 13, 2017
Uber and Yandex combine forces in Russia
Yandex, a Russian tech giant with taxi operations, is taking over part of Uber's business, after the US ride-hailing 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% of the combined company, valued at $3.7bn. The deal heads off competition from Uber, which launched in Russia in 2014. Yandex will contribute $100m to the new company, which will operate in 127 cities in Russia, Azerbaijan, Armenia, Belarus, Georgia and Kazakhstan. In exchange, Uber received a stake in the combined company. Uber said it had invested $170m over three years in Russia, Azerbaijan, Belarus and Kazakhstan, establishing itself in 21 cities.
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