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Uber, Russia's Yandex complete ride services merger

Uber, Russia's Yandex complete ride services merger

PanARMENIAN.Net - Uber and Russia’s Yandex have completed a deal to combine their ride-sharing businesses in Russia and neighboring countries, Yandex said on Wednesday, February 7, according to Reuters.

Uber and Yandex, often referred to as the “Google of Russia”, announced plans last year to combine operations in 127 cities in Russia, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan.

Uber said back then that the merger in Eastern Europe does not imply a strategy of further retrenchment elsewhere. Indeed, financial terms of the deal make it a lucrative one, it said.

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.‍​

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