Russian internet major Yandex to buy Auto.ru for USD 175mn. [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Russia's internet company Yandex (an anchor service: Runet's largest search engine) made its largest M&A deal by acquiring internet portal Auto.ru for USD 175mn. The acquisition will allow access to classified advertising market for Yandex, with about 015mn auto-related classified listings posted on Auto.ru daily. The deal is to be finalised in Q3/14.
Yandex's net profit under US GAAP increased by 19% y/y to RUB 2.7bn (USD 75.7mn) in Q1/14. At the same time, net profit adjusted for the sale of Yandex. Dengi digital wallet service to Russia's largest bank Sberbank increased by 6% y/y to RUB 2.55bn. Both adjusted and unadjusted net profit growth decline from 64% y/y growth seen in 2013.
Shortly after the publications of the financials for Q1, Yandex had to react to the worsening operational environment around Internet commerce and media. The company had to refute the allegations of the president Vladimir Putin that Yandex's servers and corporate structure was somehow "westernised". The company issued a statement saying all of its major servers and information hubs were stationed in Russia.
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