Russia's Yandex to buy car classified website for $175 mln
MOSCOW, June 16
MOSCOW, June 16 (Reuters) - Russia's top search engine Yandex said on Monday it had agreed to buy Russia's biggest car classified website Auto.ru for around $175 million to expand its capabilities in automobile-related search.
Yandex already holds a dominant position in Russia, where its 60 percent market share in Internet search far exceeds the 27 percent held by global market leader Google. Last year, it also bought KinoPoisk, the largest Russian-language website dedicated to movies.
In a statement on Monday, Yandex said it would buy 100 percent of shares of the parent company of the Auto.ru group for around $175 million in cash, adding the completion of the deal was expected in the third quarter, subject to certain pre-closing conditions.
Auto.ru's catalogue includes more than 400,000 unique listings for all types of new and used motor vehicles, placed by both auto dealers and private individuals. Auto.ru's users can also search for tyres and spare parts on the website and have access to editorial and users' reviews.
"The acquisition of Auto.ru will enable Yandex to provide more comprehensive answers to users' questions and expand our capabilities in auto classifieds," Yandex said. (Reporting by Maria Kiselyova, editing by Elizabeth Piper)