Yandex To Buy Russian Auto Classifieds Website Auto.ru For About $175 Mln Cash

(RTTNews) - In a bid to expand its online auto classifieds business, Internet company Yandex N.V. (YNDX) has agreed to buy Auto.ru, a popular automobile-related website in Russia, for nearly $175 million in cash.

The transaction is expected to occur in the third quarter of 2014. Upon acquisition, Yandex will help develop the functionality of Auto.ru, which will continue to be available at its familiar web address, www.auto.ru.

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. Currently, it is rated as one of the best among the top-3 vehicle classifieds website in Russia.

WilmerHale was the legal advisor to Yandex, while VTB Capital acted as exclusive financial advisor and Squire Patton Boggs as legal advisor to Auto.ru.