MOSCOW, Nov 17 (PRIME) -- A joint venture of online taxi hailing businesses Yandex.Taxi, a unit of Russian Internet giant Yandex, and the U.S.’ Uber plans to hold an initial public offering (IPO) by January–June 2019 with the listing most likely to take place in the U.S., Bloomberg reported late on Thursday, citing Yandex’s Chief Financial Officer Greg Abovsky.
In July, Yandex and Uber agreed to merge their taxi businesses in Russia and some CIS countries into a company called NewCo, where Yandex will own 59.3%, Uber 36.6%, and 4.1% will be held by employees of the company.
Uber will invest U.S. $225 million and Yandex will contribute $100 million to NewCo. If endorsed, the deal is expected to be closed by 2018.
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