Yandex has completed the acquisition of Auto.ru for $175 million, Yandex informed.
Russia's Federal Antimonopoly Service granted the application of Yandex N.V. (Netherlands) for the acquisition of the right to direct the business of Auto.Ru LLC and Auto.Ru Holding LLC (both registered in Moscow).
In June, Yandex announced an arrangement for the purchase of 100% of the Auto.ru automobile web portal for ca. $175 million. The transaction was reportedly expected to be finalized in Q3 2014. Yandex will help develop the functionality of Auto.ru, which will continue to be available at its familiar web address, www.auto.ru.
"Auto.ru is the most popular automobile-related website in Russia. The acquisition of Auto.ru will enable Yandex to provide more comprehensive answers to users' questions and expand our capabilities in auto classifieds," Alexey Tretyakov, VP of Commerce at Yandex, commented then.
The core business of Auto.Ru LLC (tax number: 7701160291) and Auto.Ru Holding LLC (tax number: 7729669804) is advertising.
Auto.ru benefits from the largest online motor vehicle classifieds catalogue in Russia including more than 400,000 unique listings for new and used motor vehicles, spare parts and accessories placed by both auto dealers and private individuals. In addition, Auto.ru's users can access automobile descriptions, car owner reviews, latest news, and forums. Established in 1996, Auto.ru developed as the first Russian online community of car enthusiasts.
Yandex is a domestic search engine and web portal, also present in Ukraine, Kazakhstan, Belarus and Turkey. Yandex provides access to its services via internet-connected PCs, mobile phones, tablets and other devices.
Yandex N.V. owns 100% of shares of web company Yandex. 328,612,094 Yandex shares were publicly traded as of March 31, 2013 including 232,623,523 class A shares, 95,988,570 class B shares and 1 preferred share.
US GAAP net profit of Yandex for H1 2014 fell by 2% to RUB 5.076 billion from RUB 5.161 billion the year before. Adjusted net profit grew by 7% to RUB 5.87 billion from RUB 5.468 billion. Revenue went up 34% to RUB 23.043 billion from RUB 17.198 billion, revenues ex-TAC by 24% to RUB 17.824 billion from RUB 14.428 billion, operating profit by 12% to RUB 6.349 billion from RUB 5.671 billion, adjusted EBITDA by 16% to RUB 9.069 billion from RUB 7.807 billion.