Yandex, the leading internet company in Russia, today announced that it has agreed to acquire Auto.ru, one of the leading online auto classifieds businesses in Russia. Auto.ru's users have access to the largest online motor vehicle classifieds catalogue in Russia, which includes more than 400,000 unique listings for all types of new and used motor vehicles, placed by both auto dealers and private individuals. In addition, Auto.ru's users can purchase tires, rims and other spare parts as well as access high-quality, regularly-updated editorial and user generated content, including reviews, news, and forums. Yandex will help develop the functionality of Auto.ru, which will continue to be available at its familiar web address, www.auto.ru.
Yandex agreed to acquire 100% of the issued shares of the parent company of the Auto.ru group for approximately US$175 million in cash. Completion of the transaction remains subject to certain pre-closing conditions and is anticipated to occur in the third quarter of 2014.
WilmerHale acted as legal advisor to Yandex, led by Partner Timothy Corbett.
Visit Yandex's site to view the complete press release.