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Russia: Uber’s merger with Yandex is approved

By  |  November 26, 2017
Russia: Uber’s merger with Yandex is approved

The Russian government has approved the merger of Uber and Yandex, the country’s largest technology company and most popular search engine. As a part of the deal, the San Francisco-based ride-hailing company will invest US$225 million into the “Google of Russia,” while Yandex will take 59.3 % ownership of a jointly-held company through a US$100 million investment, reports Reuters.

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    The merger marks Uber’s expansion into Russia and was approved by the country’s Federal Antimonopoly Service‬‬ (FAS), so long as the company didn’t bar its drivers from working for competing services, the report says.

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    “The results of analysis of the market for the organization of information interaction between taxi drivers and passengers showed that the market is in the stage of active growth,” said a FAS statement. “In this case, there will be aggregators providing services through a new convenient way to order a taxi—in the mobile device application.”

    Full Content: Reuters

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