Uber is merging with Yandex in Russian Federation a year after exiting China

Above Red Square with the Kremlin and St. Basil Cathedral with ellow taxi car in foreground. Image Credit Shutterstock

The new company will also operate the UberEATS service in the region.

The unified business in Russian Federation and surrounding markets also helps Uber become more sustainable, he said, by helping it cut losses as part of a global drive toward eventual profitability. After these investments, and subject to certain adjustments at closing, NewCo will be owned approximately 59.3% by Yandex, 36.6% by Uber, and 4.1% by employees of the company, on a fully diluted basis.

After selling its Chinese business in August past year, Uber has now yielded its clout overseas again - this time to merge its Russian business with the taxi arm of Russian search engine giant Yandex.

The deal has echoes of Uber's previous moves in China, where the company sold its operations wholesale to native ride-sharing firm Didi a year ago. "We are excited to expand on this foundation in collaboration with Uber". "This deal is a testament to our exceptional growth in the region and helps Uber continue to build a sustainable global business", says Pierre-Dimitri Gore-Coty, Head of Uber in Europe, the Middle East and Africa. The agreement with Yandex is part of Uber's renewed effort to improve revenue, narrow losses and resolve its legal issues.

The US company will own a minority stake in the new venture, with Yandex and Uber's ridesharing operations in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia being merged.

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As of June, Yandex.Taxi had an annual run rate of 285 million rides and gross bookings of $1.01 billion, while Uber had 134 million rides and $566 million in bookings, the companies said. The new, unnamed company "will have the right to use Yandex.Taxi and Uber brands in the region", the companies said.

Drivers will unite on a single platform.

CEO Tigran Khudaverdyan will lead the new organization. The transaction is scheduled to close in the Q4 2017.

"Many of us who work inside Yandex feel that everyone has already switched to ride-sharing, but in reality, we are just at the beginning of this journey", Khudaverdyan wrote in a blog post.

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