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Uber to merge with Russia's internet giant Yandex

Yandex, the Russian search giant and taxi operator, announced it had formed a partnership with its main rival U.S.-based Uber. The two businesses will combine their ridesharing operations in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia.

The new company, will be 36.6% owned by Uber, which will invest $225 million. Yandex will own a 59.3% stake and will invest $100 million.

Under the terms of the deal, the new venture will include Uber's food delivery business, UberEats.

The deal is expected to be closed by the end of the year after receiving of the regulatory approval.

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