Ride-sharing services firm Uber has partnered with Yandex, which operates the largest search engine in Russia, to form a new ridesharing firm, reports VentureBeat. The new ridesharing service, tentatively titled Newco, will target Russia, Kazakhstan, Azerbaijan, Armenia, Belarus, and Georgia. Newco will be 59.3% owned by Yandex, 36.6% owned by Uber, and 4.1% owned by employees. Yandex is primarily known for its Internet related services and products but it has operated a taxi-hailing app in recent years. The combined valuation of the deal is $3.725 billion. The deal is similar to Uber China’s deal with Didi Chuxing last year which saw Uber back out of the Chinese market.