Uber, Yandex complete merger deal, global giant to enter Armenia
YEREVAN, FEBRUARY 8, ARMENPRESS. The world’s largest online cab ordering system – Uber, and Russia’s Yandex have completed the deal on merging taxi services in Russia and neighboring countries, Reuters reported citing the Russian company.
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.
Uber Technologies Inc. is a global taxi technology company headquartered in San Francisco, California, United States, operating in 633 cities worldwide. It develops, markets and operates the Uber car transportation and food delivery mobile apps. Uber drivers use their own cars although drivers can rent a car to drive with Uber.