Google buys Russian contextual advertising firm

Google has bought contextual advertising company ZAO Begun from it parent, the internet portal Rambler, for some $140m (£70m).

The move marks a new attempt by Google to boost its presence in the fast-growing Russian online ad market.

Rambler currently owns 50.1% of Begun. Under this deal, it would first buy the remaining 49.9% stake from Bannatyne Limited and then sell the entire firm to Google.

Rambler's net gain from the disposal is expected to be about $50m after all direct costs associated with the transaction.

Google's managing director for emerging markets, Mohammad Gawat, said the deal showed his company's commitment to fast-growing advertising markets like Russia.

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