Rambler Media Ltd., operating one of Russia’s most popular internet brands, has exchanged contracts for the acquisition of the remaining 49% of Price Express LLC (price.ru), a leading Russian product comparison internet service. Rambler already held a 51% stake in Price Express, which it acquired in January 2006. The transaction is expected to be completed in July 2008 upon regulatory approval.
Price.ru is currently the second largest price comparison site in Russia and generated revenues of approximately US$3.2 million in 2007. Price.ru will continue to be operated as an independent brand, but will be increasingly integrated into Rambler’s services.
Mark Opzoomer, Chief Executive Officer of Rambler Media, commented: “The decision to increase our ownership in Price Express reflects our determination to continue to rationalize our product portfolio by either consolidating or divesting operations where we own less than 100%. This process will enable us to optimize our legal structure while focusing on the best services for our users and advertisers. Online comparison shopping and product searches have become increasingly popular in Russia and we believe that owning 100% of Price Express will create more value for our shareholders.”