Uber is merging with Yandex in Russia a year after exiting China
After selling its Chinese business in August last year, Uber has now yielded its clout abroad again — this time to merge its Russian business with search-engine Yandex’s taxi arm in Russia. The new company, called NewCo, will be worth $3.725 billion, both companies have announced.
As part of the deal, Yandex will invest $100 million and hold a majority stake of 59.3 percent, while Uber will invest $225 million and hold a stake of 36.6 percent. The remaining shares are held by company employees. Full-time Uber employees in the countries involved will join NewCo.
Uber launched in Moscow in 2014. It has a presence spanning 16 cities in Russia, and five in Azerbaijan, Belarus, and Kazakhstan. Yandex has…
