A Deal With Uber Technologies Sends Yandex Shares Soaring

Shares of Russian search-engine leader Yandex (NASDAQ: YNDX) lifted off in a big way on Thursday, on news of an important deal with Uber Technologies. As of 1 p.m. EDT, Yandex's stock was trading at $31.57, up 15.5%.

Yandex and ride-hailing giant Uber announced that they had agreed to combine their regional ride-hailing businesses into a new company that Yandex will control. The deal eliminates a key competitor to Yandex's Yandex.Taxi business, and could accelerate the Russian firm's push to make its ride-hailing business profitable.

A Yandex.Taxi. Yandex and Uber will combine their ride-hailing services into a new company. Image source: Yandex.

Continue reading

Source: Fool.com