Yandex and Uber plan to join forces: Tigran Khudaverdyan to head new company (video)
Recently, Yandex and Uber said they would join forces in Russia, Azerbaijan, Belarus, Georgia, Kazakhstan and Armenia to create a new company operating in 127 cities, in a deal expected to close in the fourth quarter. Yandex.Taxi Chief Executive Tigran Khudaverdyan will become the CEO of the combined business and Yandex will consolidate the new company's results in its financial statements. Yandex will hold four board seats, with Uber holding three, they said. San Francisco-based Uber has agreed to invest $225 million (13.5 billion rubles) while Yandex will contribute $100 million into a new joint company in which Yandex will own 59.3 percent and employees will have a 4.1 percent stake. Uber says the tariffs for taxi services will not rise in the near future. The deal will be finalized in the fourth quarter of this year.
