Yandex.Taxi and Uber merged - Information portal

Yandex.Taxi and Uber merged

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14.02.2018 Количество просмотров 605 views
12cab0631e16aa720eb6bc05502e511a.jpgYandex.Taxi and Uber closed the deal to merge the companies’ business in Russia, Azerbaijan, Armenia, Belarus, Georgia and Kazakhstan, Yandex reported.

Yandex received 59.3% and Uber - 36.9% in the merged company, with 3.8% remained to the new entity employees. Uber and Yandex invested in the new company $225m and $100 m, respectively. 

Tigran Khudaverdyan who earlier run Yandex.Taxi became the general director of the new company.  The board includes four representatives from Yandex and three – from Uber. 

The companies agreed to consolidate business in several CIS countries in July 2017. Then it was assumed that the shares in the company will be distributed in a different proportion: 59.3% to Yandex, 36.6% to Uber, and 4.1% to its employees. As a result of the transaction, Yandex was to receive a small stake in Uber Global Business. At the end of November 2017, the transaction was approved by the Federal Antimonopoly Service.

Initially, the value of the merged company was estimated at $3.725 billion. Yandex reported that now this figure «is estimated at over $3.8 billion». According to Yandex, the new value is formed «taking into account cash funds, which the merged company can manage». After the transaction closure, there will be over $ 400 million on its accounts.

Representatives of the companies stated earlier that after the transaction both applications will remain in place. However, the merge is intended to improve the quality of services of both companies. As their representatives explained, for taxi fleets and drivers, a single technological platform will be established, which should increase the number of cars available to fulfill orders, reach faster arrival and decrease the idle run, increase the reliability and availability of the service as a whole.

In addition to the passenger transportation services the merged company Yandex.Taxi and Uber will offer the delivery of food from restaurants though the UberEATS service that was included into the transaction. Besides,  Yandex.Taxi closed the deal to purchase Foodfox, a food delivery service, in December 2017.

Source:  RBK


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