Uber combines biz with 'Google of Russia'

Uber combines biz with 'Google of Russia'

Uber combines biz with 'Google of Russia'

Uber inked a similar deal in China previous year when it merged its business in the Asian powerhouse with rival Didi Chuxing. Uber will invest $225 million and take a 36.6 percent stake in a new, yet-to-be named venture that will be valued at $3.73 billion, the companies said in a statement Thursday.

More notable recent Yandex NV (NASDAQ:YNDX) news were published by: Washingtonpost.com which released: "Target and Yandex climb while Delta slides" on July 13, 2017, also Nasdaq.com with their article: "BUZZ-US STOCKS ON THE MOVE- Yandex, US Retailers, Car Rentals, Navigator" published on July 13, 2017, Zacks.com published: "Yandex (YNDX) Shows Strength: Stock Moves 15.3% Higher July 14, 2017" on July 14, 2017.

In Internet Information Providers Industry, Yandex N.V. (YNDX) have 319.75 million outstanding shares now held by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company's officers and insiders. While Uber remains the dominant ride-hailing operator in the United States, it has been on the defensive, beset by scandals that led to Travis Kalanick's ouster as chief executive officer. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

Uber said the merger did not imply a strategy of further retrenchment elsewhere.

Pierre-Dimitri Gore-Coty, Uber's boss in Europe, the Middle East and Africa, said the company's share of the new firm will be worth almost US$1.4bn and it will have three of the seven seats on the board.

Yandex said the joint company was worth $3.725 billion.

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

That marks a sizeable gain on the $170m Uber invested since entering the region three-and-a-half years ago, even with the new $225m investment.

Last year, the San Francisco-based company sold its business to Didi Chuxing, an archrival in China and the largest ride-hailing service there. Szpunar dismissed Uber's argument that it is only a technology company and said it should be regulated as a transport company, the Guardian reports. Last week, Uber told investors that losses continued to decline in the second quarter, a source familiar with the report said.

Uber has agreed to a merger of its ride-hailing service in Russian Federation with rival Yandex.

Institutional & Insider Ownership 70.6% of Yandex N.V. shares are owned by institutional investors. And the CEO of Yandex, Tigran Khudaverdyan, will be in charge of the combined business.

For Uber, the Yandex deal is part of its plan to get into the black, tempering its expand-at-all-costs strategy with something more financially pragmatic.

Yandex.Taxi, which was founded in 2011, is active in 127 cities across the region.

Together, they deliver around 35 million rides each month in Russian Federation alone, with further growth expected in countries such as Azerbaijan, Belarus and Kazakhstan. Uber does not now operate in Armenia or Georgia. Apps from both ride-hailing companies will continue to be offered, while the driver app will become a single platform.

Customers will be able to use either the Uber or Yandex app to arrange rides.

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