Uber waves the white flag in Russia, will combine business with Yandex
Like the rest of us, Uber doesn't want to spend too much more time thinking about Russia.
The ride-hailing giant is combining its business with Russia's Yandex to form a new company in eastern Europe valued at $3.7 billion, Uber announced Thursday.
Uber is tossing in $225 million for the new company and hold on to 36.6 percent ownership.
Yandex will contribute $100 million and get 59.3 percent, meaning it will control the company but have plenty of coordination with Uber.
The deal is similar to Uber's approach in China last year. In August 2016, Uber merged its Chinese business with its top competitor Didi Chuxing. Uber had been bleeding money in China. Instead of continuing to fight Didi, it opted for a stake in Didi's venture. Read more...
More about Russia, Uber, Ride Hailing, Ride Hailing Apps, and Yandex
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