Uber Russia's merger with Yandex approved

Uber Yandex Ride Sharing Services Can Merge in Russia Regulator Rules

Russia's Federal Antimonopoly Service (FAS) has approved a deal on the merger of businesses run by Yandex.Taxi and Uber, which agreed on the creation of a joint venture, the agency says on its website on Friday.

Representatives of the Antimonopoly service of Russian Federation approved the transaction associated with the merger "Yandex.Taxi sector" in Russian Federation.

The company shall not make a prohibition against their partners, drivers or passengers on the possibility of cooperation with other aggregators of taxi services.

Assuming all remaining hurdles are cleared, the transaction is expected to close in January, 2018.

The agreement will see Yandex Taxi assume a 59% stake in the newly formed company, leaving Uber with a minority 37% share.

As a result, on the territory of Russia, Armenia, Belarus, Kazakhstan, Georgia and Azerbaijan, the work will happen in this form. "The decision of the antimonopoly service of Kazakhstan is still pending", the company said.

Uber Technologies Inc. agreed in July to merge its operations in Russian Federation and neighbouring ex-Soviet republics into a joint venture, 59.3% owned by Yandex and 36.% by Uber.

Yandex said consumers would be able to use both Yandex.Taxi and Uber apps, while their driver apps will be integrated, leading to shorter passenger wait times, increased driver utilization rates, and higher service reliability.

Moscow-listed Yandex was up 3.47 percent as of 1123 GMT.

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