15.06.2020

The Federal Antimonopoly Service rejected acquisition of Vezet by Yandex

The Federal Antimonopoly Service rejected acquisition of Vezet by Yandex

The Federal Antimonopoly Service (FAS) declined the purchase of Vezet by Yandex, explaining that their aggregate market share is already 70%. Such a merger would have narrowed the choice of taxi aggregators for drivers and passengers, the officials decided.

That purchase contradicts the law on protection of competition, said the representatives of FAS. That’s why they rejected the acquisition of this group of taxi.

An application for approval of the purchase of a Vezet taxi aggregator by Yandex, including its trademarks Fasten, Leader, RedTaxi, etc., was submitted to FAS on May 15, 2020. This is the fourth petition; the previous three had been filed and withdrawn, changing the structure of the deal. As a result of the analysis of the taxi aggregators market, the FAS has come to the conclusion that if the deal is implemented, the aggregate share of Yandex.Taxi and Veset Group will be 70% in Russia, which is over 80% in 19 of its subjects and over 50% in 32 subjects.

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