Yandex says Yandex.Taxi, Uber to close deal on merger by mid-Feb

MOSCOW, Jan 31 (PRIME) -- Online taxi hailing services Yandex.Taxi and Uber plan to close a deal to merge their businesses in Russia and a number of CIS countries by the middle of February, Internet giant Yandex, a parent company of Yandex.Taxi, said on Wednesday in a statement.

“The parties are currently finalizing preparations for closing, and now anticipate that the combination will complete in the first half of February 2018,” Yandex said.

Yandex and Uber announced in July 2017 the intention to combine their ride-sharing businesses in Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, and Russia. In late 2017 the companies received all necessary regulatory approvals.

After the closing, consumers will be able to use both Yandex.Taxi and Uber apps, while the driver-side apps will be integrated. Uber will also contribute its UberEATS business in the region to the combined company.

According to earlier reports, Yandex will own 59.3% in the merged company, Uber 36.6%, and 4.1% will be held by employees of the unit. Uber invests U.S. $225 million into the project and Yandex contributes $100 million.

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