Yandex and Uber decided to merge the businesses into an online booking order and create a new company.

The merged company will operate in Russia, as well as Armenia, Belarus, Georgia, Kazakhstan and Azerbaijan. The Uber business in Ukraine is not part of the deal, the representative of Uber stressed.

Immediately after the announcement of the deal, Yandex's quotes on the Moscow Stock Exchange soared by almost 7%, and then continued to grow reaching to a historic high of 1915 rubles.

Uber and Yandex have decided to invest $225 million and $100 million, respectively, in the new company, estimating the combined company at $ 3.725 billion.

“Our teams will be united. I am becoming the general director of the joint company,” Yandex Taxi CEO Tigran Khudaverdian said.