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Yandex.Taxi-Uber merger to be completed in first half of February

January 31, 11:30 UTC+3

The parties are currently finalizing preparations for closing, Yandex said

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© Vyacheslav Prokofiev/TASS

MOSCOW, January 31. /TASS/. Russia's largest internet search engine Yandex has clarified the timing of the proposed merger of Yandex.Taxi and the Uber ride-sharing businesses in Russia and neighboring countries.

"The parties are currently finalizing preparations for closing, and now anticipate that the combination will complete in the first half of February 2018," the company said in a statement on Wednesday.

Previously the plan was to close the transaction in January 2018.

In July 2017, Yandex and Uber announced the intention to combine their ride-sharing businesses in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia. In late 2017, the companies received all necessary regulatory approvals. Uber will invest $225 mln and Yandex will invest $100 mln into the joint venture, valuing it at $3.725 bln on a post-money basis. On a pro forma basis, Yandex will own 59.3% of the merged company, Uber will own 36.6%, and employees will own 4.1%. After the closing, consumers will be able to use both Yandex.Taxi and Uber apps, while the driver-side apps will be integrated.

Chief Executive Officer of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said earlier that the Fund’s partners plan to invest tens of millions of dollars in the combined business of Yandex.Taxi and Uber. According to Dmitriev, the Russia-China Investment Fund may also invest in the joint venture.

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