United company Yandex.Taxi and Uber plans to hold an IPO in 2019
The joint company Uber and Yandex.Taxi is considering the possibility of holding an IPO in the first half of 2019, Greg Abovsky, the financial director of Yandex, said during a conversation with Bloomberg.
What a joint venture
The IPO will be conducted by a joint company, which Yandex.Taxi will create after the takeover of the Uber business in Russia and several neighboring countries. It became known about the merger in July - then it was reported that Yandex and Uber would merge businesses commissioned by taxis in Russia, Azerbaijan, Armenia, Belarus, Georgia and Kazakhstan.
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The UberEATS food delivery service operating in the same countries as taxi services will also be transferred to the joint structure. The entire project is estimated at $ 3.73 billion, the share of Uber in it will be 36.6%.
The transaction is currently not completed - it can be approved only after approval by anti-monopoly authorities of Russia and several other countries, and it’s not a fact that permission will be obtained. For example, the Russian Antimonopoly Service fears that a new market player will create a threat of competition.
At the same time, even a not completed transaction has already had an impact on the companies themselves and on the market as a whole. In particular, immediately after the announcement of the merger with Uber, the price of Yandex shares broke a historical record.
Plans
According to Abovski, in 2018, Yandex plans to actively invest in UberEats food delivery service - now engineers are working on integrating the back end of taxi and food ordering services, while merging the applications themselves is not planned. Yandex is also testing joint travel services for company employees. In addition, as part of the development of the direction of food delivery in November 2017, the company acquired Foodfox service.
The combined company’s IPO is scheduled to be held on one of the US stock exchanges. Recall that the shares of Yandex itself are traded on the Nasdaq.
In this material, we talked in detail about how to buy Yandex shares on foreign stock exchanges and the Moscow Exchange . To open a brokerage account for this, you can remotely through the “State Services” .
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Source: https://habr.com/ru/post/342792/
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