Yandex has announced a successful arrangement for the purchase of automobile web portal Auto.ru for ca. $175 million.
The transaction is expected to be finalized in the third quarter of 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," said Alexey Tretyakov, VP of Commerce at Yandex. "The acquisition of Auto.ru will enable Yandex to provide more comprehensive answers to users' questions and expand our capabilities in auto classifieds."
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.
WilmerHale acted as legal advisor to Yandex. VTB Capital acted as exclusive financial advisor and Squire Patton Boggs as legal advisor to Auto.ru.
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 Q1 2014 increased by 19% year-on-year to RUB 2.7 billion ($75.1 million).
AK&M "M&A Market"
"AK&M", 16.06.2014 14:12