Yandex Provides Update on Timing of Closing of Yandex.Taxi and Uber Transaction
MOSCOW, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Yandex (NASDAQ:YNDX) today provided an update on the timing of the proposed merger of Yandex.Taxi and the Uber ride-sharing businesses in Russia and neighboring countries. The parties are currently finalizing preparations for closing, and now anticipate that the combination will complete in the first half of February 2018.
In July 2017 Yandex and Uber announced the intention to combine their ride-sharing businesses in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia. In late 2017 the companies received all necessary regulatory approvals.
After the closing, consumers will be able to use both Yandex.Taxi and Uber apps, while the driver-side apps will be integrated. Uber will also contribute its UberEATS business in the region to the combined company.
Yandex (NASDAQ:YNDX) is a technology company that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and information services. Additionally, we have developed leading on-demand transportation services, navigation products, and other mobile applications for millions of consumers across the globe. Yandex, which has 17 offices worldwide, has been listed on the NASDAQ since 2011.
Uber's mission is to provide reliable transportation everywhere, for everyone. We started in 2010 to solve a simple problem: how do you get a ride at the touch of a button? Six years and more than five billion trips later, we've started tackling an even greater challenge: reducing congestion and pollution in our cities by getting more people into fewer cars.
This press release contains forward-looking statements that involve risks and uncertainties. These include statements regarding the anticipated closing of the transaction described above, the successful combination of the two businesses, and the impact of such transaction on Yandex's financial results. Actual results may differ materially from the results predicted or implied by such statements. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others, the satisfaction of the conditions to closing, the risks inherent in complex business combinations, and the impact of macroeconomic and geopolitical developments affecting the Russian and regional economy, as well as those risks and uncertainties included under the captions "Risk Factors" and "Operating and Financial Review and Prospects" in our Annual Report on Form 20-F for the year ended December 31, 2016, which is on file with the Securities and Exchange Commission and is available on our investor relations website at http://ir.Yandex.com/sec.cfm and on the SEC website at www.sec.gov. All information in this release is as of January 31, 2018, and Yandex undertakes no duty to update this information unless required by law.
Yandex press office
Ochir Mandzhikov, Asya Melkumova
Phone: +7 495 739-70-00
Yandex.Taxi press office
Phone: +7 495 739-70-00