“Yandex” will be the co-owner of global business Uber after the merger

The merger of the businesses of online taxi “Yandex.Taxi” Uber “Yandex” will be the co-owner of global business Uber, the documents of the company Yandex N. V. on the website of the Commission on securities and exchange Commission (SEC). The first attention to this fact drew “Vedomosti”.

“In accordance with the agreement, the parties will transfer their businesses to a newly created Dutch company MLU B. V. in addition, “Yandex” will invest in the capital of the new company $100 million, Uber $225 million In the future “Yandex” Uber sell an additional 2% stake in the combined company in exchange for class A shares of Uber,” reads the statement on the website of the securities Commission.

In his commentary RBC Director of public relations Ochir Mandzhikov said that “Yandex” will receive a “minor stake” shares Uber.

The main thing about the deal “Yandex” and Uber

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“We have the right to sell these shares back to Uber at an agreed price in a certain period of time. Upon completion of the transaction, as we reported earlier, given the investments of both parties and possible adjustments 59.3% of the combined company will belong to “Yandex”, 36,6% — Uber, and 4.1% to the employees.”
said Mandzhikov.

That two major players on the market is the online taxi combine their businesses in 127 cities of Russia, Azerbaijan, Armenia, Belarus, Georgia and Kazakhstan, it became known yesterday, July 13. The merger will create a new company worth $3.7 billion.

According to representatives of both companies, the merger will be beneficial to Uber, “Yandex”: it will allow “to expand the geography of business”, “improve service quality” and “create a sustainable regional business.”

The Federal Antimonopoly service (FAS) has yet to approve the deal. FAS will conduct a market analysis to determine whether the transaction is contrary to antitrust legislation. The head of FAS Igor Artemyev declared yesterday “to Interfax” that the petitions from the two companies about the merger the Antimonopoly service has not yet been reported.

Shares of “Yandex” on the Moscow exchange, after reports about the deal have grown by almost 25%. The cost of one paper made up 2039,5 RUB, which was a record figure for the company in the history of trading on this exchange.