Yandex Announces Completion of News and Zen Divestment and Acquisition of Delivery Club

Rhea-AI Summary

Yandex N.V. announced the completion of two significant transactions on September 12, 2022: the sale of its news aggregation platform and Zen infotainment service to VK and the acquisition of 100% of the food delivery service Delivery Club. The Federal Antimonopoly Service approved both transactions, with Delivery Club joining Yandex's E-commerce, Mobility, and Delivery segment, set to be reflected in the third quarter financials. This strategic move aims to enhance Yandex's market position in the food delivery sector.

Positive

• Acquisition of Delivery Club expands Yandex's footprint in the e-commerce and food delivery market.
• Approval from the Federal Antimonopoly Service ensures smooth transition and integration.

Negative

• None.

MOSCOW, RUSSUA, AMSTERDAM, THE NETHERLANDS / ACCESSWIRE / September 12, 2022 / Yandex N.V., a Dutch public limited company, today announced that its Russian operating subsidiary has completed the sale of the news aggregation platform and Zen infotainment service to VK, as well as the acquisition of 100% of the food delivery service Delivery Club. The transaction has received approval from the Federal Antimonopoly Service.

Delivery Club will become a part of Yandex's E-commerce, Mobility and Delivery segment and, as of today, will be consolidated in the group's financial results. The changes will be reflected in Yandex's third quarter financial results.

About Yandex

Yandex (NASDAQ:YNDX)(MOEX:YNDX) is a technology company registered in the Netherlands that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and navigation products, while also expanding into e-commerce, online entertainment, cloud computing and other markets to assist millions of consumers in Russia and a number of international markets.

More information on Yandex can be found at https://ir.yandex/

Contacts:

Investor Relations
Yulia Gerasimova
Phone: +7 495 974-35-38
E-mail: askIR@yandex-team.ru

Press Office

Ilya Grabovskiy
Phone: +7 495 739-70-00
E-mail: pr@yandex-team.com

SOURCE: Yandex N.V.

View source version on accesswire.com:
https://www.accesswire.com/715508/Yandex-Announces-Completion-of-News-and-Zen-Divestment-and-Acquisition-of-Delivery-Club

FAQ

What companies were involved in the Yandex acquisition on September 12, 2022?

Yandex acquired Delivery Club and sold its news aggregation platform and Zen service to VK.

How will the acquisition of Delivery Club impact Yandex's financial results?

Delivery Club will be consolidated into Yandex's financial results starting from the third quarter.

What is the strategic importance of the Delivery Club acquisition for Yandex?

The acquisition enhances Yandex's presence in the food delivery sector, supporting its E-commerce and Mobility segments.

What was the date of Yandex's announcement regarding the sale and acquisition?

The announcement was made on September 12, 2022.