Uber is merging its business in Russia with Yandex, a dominant player in the Internet business in that nation and Eastern Europe.
The move is an unusual one for Uber, a company that doesn't have a reputation for backing down against competitors. Still, Uber has become embroiled in internal controversy and litigation back home, and that has perhaps sapped some of the company's desire to compete in Russia and several other Eastern European markets.
The assets of the two companies will merge into a still-unnamed new company, with Yandex owning 59.3%, Uber owning 36.6%, and employees owning 4.1%, according to a press release sent out by Uber Thursday. The CEO of Yandex.Taxi, Yandex's ride-sharing division, will become CEO of the combined business.