Uber stages retreat in Russia as it merges with rival Yandex

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Ride-hailing company makes second embarrassing climbdown after selling its Chinese operations last year

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

Related: Uber presses pause on primary taxi service in Finland until 2018

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Source: russia
Link : Uber stages retreat in Russia as it merges with rival Yandex

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