Uber set to merge with Russian car service Yandex

The under-fire minicab app Uber are set to merge with Russian car service Yandex in what is described as a done deal. 

Russian regulators has approved the merger between two of the ride hailing giants and is expected to complete in January 2018.

The deal means that Yandex will be the majority share holder (59.3%) and both apps will remain available to the public and drivers. However, competition in regards to subsidised fare offers are expected to be a thing of the past as the car service giants corner the local market.

The deal is seen as similar to that of the deal struck between Chinese counterparts Didi earlier this year. In the local markets where Uber struggle to get a foothold it is becoming common that they buy into a competitor to remain relevant and reduce spending.