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BRIEF-Yandex and Uber to combine their ridesharing businesses in Russia and neighboring countries
July 13, 2017 / 10:15 AM / 8 days ago

BRIEF-Yandex and Uber to combine their ridesharing businesses in Russia and neighboring countries

2 Min Read

July 13 (Reuters) - Yandex:

* Yandex and Uber to combine their ridesharing businesses in russia and neighboring countries

* Yandex - ‍uber has agreed to invest $225 million and yandex has agreed to invest $100 million into Newco​

* Yandex - ‍after investments, and subject to certain adjustments at closing, Newco will be owned approximately 59.3pct by Yandex, 36.6pct by Uber​

* Yandex- ‍boards of directors of both Uber and Yandex have approved transaction​

* Says ‍tigran Khudaverdyan, currently ceo of Yandex.Taxi, will become CEO of combined business​

* Agreement to combine Uber, co ridesharing businesses in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia into a NewCo

* Yandex - ‍after investments, and subject to certain adjustments at closing, newco will be 4.1pct by employees of company, on a fully diluted basis​

* Yandex - ‍Uber will also contribute its Ubereats business in region to Newco​

* Yandex - ‍ with investments from Uber and Yandex, Newco will be valued at $3.725 billion on a post-money basis​ Source text for Eikon: Further company coverage:

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