Ride-hailing company Uber is scaling back in Russia by spinning off its operations in the country to form a new company majority-owned by local rival Yandex.
The deal involves Uber’s ride-hailing and food-delivery services in Russia, as well as Azerbaijan, Belarus and Kazakhstan folding into the new firm, along with Yandex’s own taxi app, which also operates in Armenia and Georgia. Both brands will continue to operate, but the driver-side apps will be merged into one, the company said
“The new company’s goal will be to serve the needs of riders, drivers and cities as we develop a fast-growing, sustainable ride-sharing, food delivery and logistics business in the region,” Uber Europe, Middle East and Africa head Pierre-Dimitri Gore-Coty said.
“Combining Yandex’s local expertise in search, maps and navigation with our leading global experience in ride-sharing will enable us to build the best local services and provide a credible alternative to car ownership across the region,” he said.
The new firm, will be 36.6% owned by Uber, which will have three of the seven board seats and is investing a further US$225 million in the spin-off. Yandex is to own 59.3 percent and employees 4.1 percent.
Its shares are to be worth almost US$1.4 billion, Gore-Coty said.
Yandex.Taxi chief executive Tigran Khudaverdyan, is to become the head of the new firm.
“Our users will have seamless global roaming across the Uber and Yandex.Taxi platforms,” Khudaverdyan said. “For example, a user of Yandex.Taxi could order an UberX directly from their Yandex.Taxi app upon arriving in London or Bangkok. An Uber user arriving in Moscow from Paris will be able to order a Yandex.Taxi straight from their Uber app.”
The deal has echoes of Uber’s previous moves in China, where the company sold its operations wholesale to native ride-sharing firm Didi Dache (滴滴打車) last year .
Unlike that deal, however, Uber will remain an active participant in its new investment and its Russian users will continue to use the same app as the rest of the world.
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
RSS