Mail.Ru Group Limited (MAIL.IL, hereinafter referred as "the company"), one of the largest internet business in Russia today announces the signing of the agreement to acquire Am.ru, one of the largest Russian auto classifieds websites, from Rambler&Co.
The deal is an all cash acquisition of $10m and is expected to be closed at the beginning of May.
Commenting on the acquisition Dmitry Grishin, Cofounder and Chairman of the Board of Mail.Ru Group, said:
“The auto classifieds segment is one of the largest digital markets displaying solid growth worldwide. The acquisition of Am.ru puts us in a favorable position to leverage our expertise and resources, get a good share of that market and bring Am.ru to even further success. Am.ru has substantial synergies with Youla, and we are planning on fully integrating the two projects.”
Boris Dobrodeev, CEO (Russia) of Mail.Ru, said:
“The acquisition of Am.ru fits very well into our e-commerce 2.0 strategy. There are clear synergies with Youla; the addition of the strong team and functionality from Am.ru will allow us to continue expanding our significant presence in the classifieds market.”
Rafael Abramyan, Executive Director of Rambler&Co, said:
“Selling Am.ru is an excellent example of Rambler&Co's investment strategy, the essence of which is to invest in a wide range of early stage startups so that at some point they become attractive as acquisition targets. We acquired Am.ru 1.5 years ago, invested in building a new team, actively marketed it both via and outside Rambler&Co's resources, thus creating an attractive auto classifieds platform. ”
Oleg Golubtsov, Founder of Am.ru, said:
“We are happy to become part of Mail.Ru Group, one of the most successful Russian technological companies. It provides our project with a foothold to become the leading auto portal in one of the largest internet/auto markets in Europe.”
Am.ru team including the founder will join Mail.Ru Group to develop auto classifieds business.
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