February 7, 2018 / 4:35 PM / a year ago
Uber, Yandex complete ride services merger
FILE PHOTO: An Uber sign is seen in a car in New York, NY, U.S., June 30, 2015. REUTERS/Eduardo Munoz/File Photo
MOSCOW (Reuters) - Uber and Russia's Yandex have completed a deal to combine their ride-sharing businesses in Russia and neighboring countries, Yandex said on Wednesday.
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.
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.‍​
Reporting by Jack Stubbs; Editing by Susan Fenton