Russia’s biggest internet company Yandex has agreed to acquire Russia’s most popular automobile classifieds business Auto.ru. Yandex will pay $175 million cash for 100% of the company shares and the transaction is expected to finalize by the 3rd quarter of this year.
Auto.ru is a very popular classifieds platform for car and spare parts trade with more than 400,000 listings of used and new motor vehicles as well as tires, rims and other spare parts. The website is also a source of information with regularly updated editorial and user generated content.
Auto.ru will continue to operate independently while Yandex will seek ways to integrate both services to capitalize on the specialized content that Auto,ru offers.
Alexey Tretyakov, VP of Commerce at Yandex, claims that Auto.ru is the most popular automobile-related website in Russia and “operates the largest and most detailed classifieds catalogue for new and used cars in Russia”. He added “The acquisition of Auto.ru will enable Yandex to provide more comprehensive answers to users’ questions and expand our capabilities in auto classifieds.”