Yesterday Yandex, the NASDAQ-listed Russian search giant, announced its plans to acquire Auto.ru, one of the leading online auto classifieds sites in Russia, for approximately $175 million in cash.
The transaction, which remains subject to certain pre-closing conditions, is expected to be completed in Q3 2014. Yandex will purchase 100% of Auto.ru’s issued shares.
With more than 400,000 unique listings for all types of new and used motor vehicles, Auto.ru claims to have the largest automobile catalogue in Russia.
The site attracts 6 million monthly users from Russia, Yandex PR Director Vladimir Isaev told East-West Digital News, citing comScore data. Yandex estimates Auto.ru to be the leading vehicle classifieds website in Moscow and “among the Top 3 across Russia.”
Isaev, meanwhile, declined to disclose Auto.ru’s financial results.
In addition to placing or answering ads, Auto.ru users – car dealers as well as individuals – can purchase tires, rims, and other car parts. Quality editorial and user-generated content, as well as community features, are also made available on the site.
“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,” said Alexey Tretyakov, VP of Commerce at Yandex. “This acquisition will enable Yandex to provide more comprehensive answers to users’ questions and expand our capabilities in auto classifieds.”
Auto.ru will keep its traditional web address, www.auto.ru.
The purchase of Auto.ru is Yandex’s third acquisition in less than a year. In January, the search company bought e-commerce shipment service provider MultiShip. Last fall, it bought KinoPoisk, a popular information portal dedicated to movies.
Update August 20, 2014
Yandex announced that it has completed the previously announced acquisition of Auto.ru for approximately $175 million in cash.
