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Yandex.Taxi, Uber close online taxi ordering businesses merger deal

February 07, 2018, 19:30 UTC+3

The parties invested about $335 mln into the new company, according to Yandex

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© Donut Sorokin/TASS

MOSCOW, February 7. /TASS/. Russia’s Yandex.Taxi and US-based Uber closed the deal on consolidation of online taxi ordering business in Russia and neighboring states within a NewCo. The parties invested about $335 mln into the new company, Yandex said on Wednesday.

"Uber and Yandex accordingly invested $225 mln and $100 mln into the new company at the time of deal closing. Considering these investments, money at the company’s balance are $400 mln," Yandex said. The company based on Yandex.Taxi and Uber is valued at more than $3.8 bln.

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

Yandex holds 59.3% in the merged company, Uber gets 36.9%, and company employees will hold the remaining 3.8%. After the closing, consumers will be able to use both Yandex.Taxi and Uber apps, while the driver-side apps will be integrated. UberEATS and Foodfox food delivery services will also be part of the merged company, Yandex said.

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