Uber Technologies Inc. agreed in July to merge its operations in Russia and neighbouring ex-Soviet republics into a joint venture, 59.3% owned by Yandex and 36.% by Uber. Photo: ReutersMoscow: Yandex NV, Russia’s largest technology company, received local antitrust approval to merge its ride-hailing business with Uber Technologies Inc.’s in the country, the Russian Federal Antimonopoly Service said on Friday. The merger is expected to be completed in January 2018. Yandex shares rose as much as 3.5% in Moscow trading. Other taxi services operating in Russia include Vezet backed by UFG Private Equity, Taxi Maxim and Israel’s Gett Inc.Yandex intends to move forward with an initial public offering of its recently enlarged taxi business by the first half of 2019.

Source: Mint November 24, 2017 15:00 UTC