Friday, 20 July, 2018

Uber partners with Russian rival Yandex in $3.72B deal

Uber partners with Russian rival Yandex in $3.72B deal Uber partners with Russian rival Yandex in $3.72B deal
Clarence Schmidt | 14 July, 2017, 00:58

Uber Technologies announced today that the company will be merging its Russian arm with Yandex.Taxi, the leading ride-hailing service in Russia.

Uber will be merging with Yandex in six different countries, including Russia, Azerbaijan, Belarus, Kazakhstan, Armenia and Georgia.

San Francisco-based Uber has agreed to invest $225 million (13.5 billion roubles) while Yandex will contribute $100 million into a new joint company in which Yandex will own 59.3 percent and employees will have a 4.1 percent stake.

At the same time, Yandex press service told TASS that the company does not rule out the initial public offering (IPO) for the new Yandex.Taxi and Uber and company. "The new company's goal will be to serve the needs of riders, drivers and cities as we develop a fast-growing, sustainable ridesharing, food delivery and logistics business in the region", Pierre-Dimitri Gore-Coty, head of Uber's business in Europe, the Middle East, and Africa, said in a statement announcing the news. Uber, which raised funds regularly in 2015 and 2016, raised an undisclosed amount from German Investor Axel Springer this year, the only fundraising activity this year according to Crunchbase. The San Francisco based company is known for being aggressive in its approach to entering new global markets and will end the costly battle that the two firms have seen drag on for more than three years since the arrival of Uber in Russian Federation.

Uber partners with Russian rival Yandex in $3.72B deal

The new company will cover 127 cities of 6 countries and carry out 35 million transfers monthly. Uber had to fight regulations on the one side, face angry protests from local taxi unions, and offer deep discounts and promotions in search of market share. The U.S. firm in return got a 17.5% stake in Didi, which at that time was valued at $35 billion.

Following completion, passengers will be able to continue to use either Yandex or Uber apps. Uber had been bleeding money in China.

"Not only is this partnership good news for our two companies, it's also great for riders, drivers and cities across the region".

The difference between the Didi deal and the Yandex deal, however, is that there are no Uber properties that are continuing to operate in China. Once that happens, they plan to integrate their driver apps.

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