UBER MERGE ITS RIDE HAILING BUSINESS IN RUSSIA WITH YANDEX

MOSCOW — Uber has agreed to merge its ride-hailing business in Russia with Yandex (YNDX), the Russian search-engine leader that also runs a popular taxi-booking app.

For Uber, the deal means it’s ceding control of the market in the country. It’s the second exit from a big market after Uber sold its operations in China last year to local rival Didi Chuxing.

Yandex said in a statement on Thursday that Uber and Yandex Taxi would combine into a new company in Russia as well as in Azerbaijan, Armenia, Belarus and Kazakhstan. Yandex will own 59 percent, Uber roughly 37 percent and employees the rest. The CEO of Yandex Taxi, Tigran Khudaverdyan, will become the chief executive of the new combined company.