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takyon writes:

After exiting the Chinese market, Uber has merged its Russian business with the taxi/ridehailing side business of Yandex, Russia's dominant search engine:

After selling its Chinese business in August last year, Uber has now yielded its clout abroad again — this time to merge its Russian business with the taxi arm of Russian search engine giant Yandex. The new company will be worth $3.725 billion, both companies have announced, and span 127 cities in 6 countries (Russia, Azerbaijan, Armenia, Belarus, Georgia and Kazakhstan).

As part of the deal, Yandex will invest $100 million and hold a majority stake of 59.3 percent, while Uber will invest $225 million and hold a stake of 36.6 percent. The remaining shares are held by company employees. Full-time Uber employees in the countries involved will join the new company. A name for the new company has not yet been announced.

Also at Recode and NYT. Uber statement.

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