MOSCOW, June 16. /ITAR-TASS/. Russian Internet company Yandex will fully acquire Auto.ru, a popular automobile portal, for about $175 million with the deal to be closed in July-September, Yandex said Monday in a press release.
“Auto.ru is the most respected resource on automobile topics. Auto.ru has the fullest and the most updated database on the sale of cars, both new and used. The acquisition of Auto.ru is a good means to expand Yandex’ opportunities in the area of responding to users’ questions and providing assistance in tackling urgent issues,” Alexei Tretyakov, Yandex’ Vice President for Commerce, was quoted in the statement as saying.
Yandex will develop the portal, which will continue working on the existing Web address.
Auto.ru has the country’s vastest database on car selling, comprising about 400,000 advertisements placed by individuals and automobile dealers, for new and used cars, as well as spare parts.
WilmerHale is Yandex’s legal consultant on the deal, and Auto.ru is consulted by VTB Capital on financial issues and by Squire Patton Boggs on legal issues.