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Russia: Yandex, Uber formalize JV application

By  |  August 22, 2017

The Federal Antimonopoly Service (FAS) has received a motion filed by companies Yandex and Uber for a joint venture in Russia, the watchdog announced on August 21.

If the deal is made, consumers will continue to have access to both services as before, FAS said.

The application will be considered within 30 days with the right of extension for two months if required, the statement reads.

In mid-July, Yandex and Uber reached a deal on consolidation of their online taxi services in Russia, Armenia, Georgia, Azerbaijan, Belarus and Kazakhstan. Under the agreement, Uber and Yandex are to invest US$225 and US$100 million respectively in the new company. The company is estimated at US$3.7 billion. Yandex will hold 59.3% of the company, Uber will possess 36.6%, and 4.1% of the company will belong to employees. The deal is expected to be closed in the fourth quarter of 2017.

Full Content: Telecom Paper

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