MOSCOW, Nov 24 (PRIME) -- Russia’s Federal Antimonopoly Service approved on Friday a merger of online taxi hailing services Yandex.Taxi and Uber on the local market with a warrant, according to the authority’s Web site.
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. The deal is expected to be closed by 2018.
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