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Rambler.ru takes 49% stake in price comparison site Price.Ru

20th June 2008 8:44 am

Rambler Media Ltd. (”Rambler”), operating one of Russia’s most popular internet brands, has exchanged contracts for the acquisition of the remaining 49% of Price Express LLC (”Price Express”), a leading Russian product comparison internet  service.

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Rambler already holds 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 Express operates Price.ru, which provides price and product comparison tools designed to help online shoppers make the most cost-effective buying decisions.

Price Express was one of the first online comparison companies to be launched in Russia when it was set up in 1997. 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.”

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