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Uber decides to stop competing in Russia, merges business with Yandex

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Yandex only.Image: Shutterstock / Mikhail Leonov Like the rest of us, Uber doesn’t want to spend too much more time thinking about Russia. The ride-hailing giant is combining its business with Russia’s Yandex to form a new company in eastern Europe valued at $3.7 billion, Uber announced Thursday. Uber is tossing in $225 million for the new company and hold on to 36.6 percent ownership. Yandex will contribute $100 million and get 59.3 percent, meaning it will control the company but have plenty of coordination with Uber. The deal is similar to Uber’s approach in China last year. In August […]