Yandex, Uber complete combination of ride-sharing businesses in Russia
Yandex and Uber announced that the merger of Yandex.Taxi and the Uber ride-sharing businesses in Russia and neighboring countries has closed. At closing, Uber invested $225M and Yandex invested $100M in cash in the combined company. The combined business has more than $400M in cash on hand at closing, with a combined company valuation in excess of $3.8B on a post money basis. The combined company is now held approximately 59.3% by Yandex, 36.9% by Uber, and 3.8% by employees of the group on a fully diluted basis. After the closing, consumers will be able to use both Yandex.Taxi and Uber apps, while the driver-side apps will be integrated. Uber will also contribute its UberEATS business in the region to the combined company.