Yandex and Uber unite efforts - Information portal

Yandex and Uber unite efforts

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18.07.2017 Количество просмотров 196 views
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Yandex and Uber signed an agreement on merging their online ride-hailing businesses in Russia, as well as in Azerbaijan, Armenia, Belarus, Georgia and Kazakhstan. A new venture is to be established.

The Yandex website says that the venture will also incorporate the UberEATS service in these countries.

Under the agreement, Uber and Yandex invest $225 million and $100 million, respectively, with the new company value to reach $3.725 billion. Based on these investments and possible adjustments at the close of the deal, 59.3% of the company will belong to Yandex, 36.6% to Uber, and 4.1% to employees. The company will be headed by Tigran Khudaverdyan, General Director of Yandex.Taxi.

The new company will rely on the Yandex technologies and expertise in mapping and navigation services and search engines, as well as the global experience of Uber as the world leader in online ride-hailing service. This will result in an even more dynamic and sustainable business that meets all needs of users and drivers, and helps develop the transport infrastructure of cities and regions.

After closing, both applications for catching a ride - Yandex.Taxi and Uber - will remain available to users. At the same time, taxi car fleets and drivers will migrate to a single technological platform. This will increase the number of available cars, accelerate their arrival to the passengers, reduce idle running, increase the reliability and availability of the service as a whole.

«The partnership with Uber will help expand the geography of the business and improve the service quality», comments Tigran Khudaverdyan, CEO of Yandex.Taxi. «Our companies support over 35 million trips per month, and their number has grown by 400% year-on-year. Since the foundation of Yandex.Taxi in 2011, several hundred thousand drivers have joined the service. We have rolled out a successful taxi service in Russia and in five other countries. This allowed us to win the trust of tens of millions of people, and we are pleased to continue working with Uber».

«This merger is beneficial not only to both companies, but, most importantly, to users, drivers and cities," adds Pierre-Dimitri Gore-Coty, Uber's chief for Europe, Middle East, and Africa. "This deal is a testament to our exceptional growth in the region and helps Uber continue to build a sustainable global business».

The deal was approved by the boards of directors of Uber and Yandex. It is subject to approval by regulatory authorities, with its closure scheduled for Q4 2017.



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