Uber get 3 out of 7 seats in the Board of Directors of the joint venture with Yandex

Moscow. July 13. INTERFAX.RU – Representatives from Uber will occupy three of seven seats on the Board of Directors of the joint with the “Yandex” of the structure, said in a letter to the staff of the head of the company’s business in the region Europe, middle East and Africa Pierre-Dimitri Gore-Coty.

In “Yandex” confirmed to Interfax that the Russian company will have 4 seats on the Council.

Earlier Thursday, Yandex and Uber announced the creation of the company, which will be the combined businesses of online travel arrangements in Russia and some neighbouring countries. The business is estimated at $3,725 billion under the agreement, Uber and “Yandex” will invest, respectively, $225 million and $100 million in the new company. Control (59,3%) on new business will be “Yandex”, another 36.6% of the Uber, and the remaining 4.1 percent are owned by employees of the two companies. Run the company the General Director “Yandex.Taxi” Tigran Khudaverdyan.

Over the past three years, Uber has invested nearly $170 million in the development of presence in Russia and other countries entered into the agreement with Yandex, the letter says Gore-Coty.