Uber gives up the fight in Russian Federation


Yandex (NASDAQ:YNDX) inks an agreement with Uber (Private:UBER) to combine their ridesharing businesses in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia into a new firm called NewCo. Yandex.Taxi, the online app for ordering a cab, which is owned by Tigran Khudaverdyan, a businessman of Armenian origin, signed an agreement with Uber on uniting the online travel businesses in the territories of Russia, Armenia, Belarus, Azerbaijan, Georgia and Kazakhstan.

Uber lost $708 million in the first quarter of this year alone, though its revenue grew 18% to $3.4 billion.

Uber executed a similar strategy when it sold its China operations to rival Didi Chuxing in 2016, and it shut down its service in Denmark in April.

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Tigran Khudaverdyan, head of Yandex.Taxi in Russian Federation will become CEO of the joint enterprise. San Francisco-based Uber Technologies agreed to invest $225 million (13.5 billion rubles) for a almost 37% stake in the new joint venture, while Yandex will contribute less than half that at $100 million, but will have a controlling stake, according to Reuters. The companies said together they deliver over 35 million rides a month, with $130 million in gross bookings in June.

It's been noted many times before that Uber's strength is not just in terms of providing cheap rides but in how it has been building a large and powerful logistics business.

As part of the deal, Uber will contribute its UberEATS food delivery business in the six-country region to the new venture.

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Yandex is at an advantage because it already had an extensive maps service - like its U.S. counterpart, Google - and it will be contributing that IP to this operation.

Pierre-Dimitri Gore-Coty, head of Uber in Europe, said: "Not only is this partnership good news for our two companies, it's also great for riders, drivers and cities across the region".

Yandex will own 59 percent, Uber roughly 37 percent, and employees the rest.

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