A Yandex taxi. Photo: Reuters / Gleb Garanich

US ride-sharing giant is relinquishing majority stake in its Russia business, with a deal that will create a new venture with Russia’s Yandex NV, reports Bloomberg. The move follows Uber’s ceding of its China operations to Didi Chuxing last year.

Under the deal, Uber will invest US$225 million to take a 36.6% stake in the yet-to-be named venture, which will be valued at US$3.73 billion. Yandex will take a 59.3% stake.

Shares of Yandex surged 15% in Moscow to reach its highest level ever.