Uber and Russian taxi giants Yandex, , announced plans last year to combine operations in 127 cities in Russia, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan. This deal has now closed seeing the two companies join forces.
Tigran Khudaverdyan, ex-CEO of Yandex.Taxi, has become the CEO of the combined business.
Who are Yandex: Yandex are Russia’s largest online taxi booking service who operate in Moscow and other cities across Russia and some CIS countries. Yandex Taxi is used by approximately 200 Russian taxi companies who have a total of around 20,000 cabs.
What are the figures:
San Francisco-based Uber has invested $225 million and Yandex has contributed $100 million in cash into a new joint company valued at more than $3.8 billion, Yandex said.