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via Yandex.Taxi / Facebook

Uber is teaming up with Russian search company Yandex to form a standalone ride-hailing company, the companies announced on Thursday. It will operate in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus, and Georgia, covering 127 cities.

  • Uber made a similar move last August when it merged its Chinese business with Didi Chuxing, China's biggest ride-hailing company. The decision was effectively a capitulation in the face of Didi's much biggest market share, raising the question of how well Uber has been doing in Russia and surrounding areas.
  • In June, the companies reported a combined total of 35 million rides and $130 million in gross bookings.
  • Uber will invest $225 million and Yandex will put in $100 million into the new company, which will have a post-money valuation of $3.725 billion. Yandex will own 59.3%, Uber will have 36.6%, and employees will own 4.1% on a fully diluted basis. Tigran Khudaverdyan, currently the chief executive of YandexTaxi, will become CEO, while the new board will have four Yandex-appointed reps and three Uber-appointed reps. The local operations of Uber's food delivery business, UberEats, also will become part of the new company.

Go deeper

Salesforce rolls the dice on Slack

Illustration: Sarah Grillo/Axios

Salesforce's likely acquisition of workplace messaging service Slack — not yet a done deal but widely anticipated to be announced Tuesday afternoon — represents a big gamble for everyone involved.

For Slack, challenged by competition from Microsoft, the bet is that a deeper-pocketed owner like Salesforce, with wide experience selling into large companies, will help the bottom line.

FBI stats show border cities are among the safest

Data: FBI, Kansas Bureau of Investigation; Note: This table includes the eight largest communities on the U.S.-Mexico border and eight other U.S. cities similar in population size and demographics; Chart: Naema Ahmed/Axios

U.S. communities along the Mexico border are among the safest in America, with some border cities holding crime rates well below the national average, FBI statistics show.

Why it matters: The latest crime data collected by the FBI from 2019 contradicts the narrative by President Trump and others that the U.S.-Mexico border is a "lawless" region suffering from violence and mayhem.

Miriam Kramer, author of Space
2 hours ago - Science

The rise of military space powers

Illustration: Aïda Amer/Axios

Nations around the world are shoring up their defensive and offensive capabilities in space — for today's wars and tomorrow's.

Why it matters: Using space as a warfighting domain opens up new avenues for technologically advanced nations to dominate their enemies. But it can also make those countries more vulnerable to attack in novel ways.