Yandex, VK agree to swap Zen, New platforms for Delivery Club

MOSCOW. Aug 23 (Interfax) - Russian Internet companies VK and Yandex have signed binding agreements under which VK will acquire the Zen and News content platforms from Yandex in exchange for food and grocery delivery service Delivery Club, the companies announced.

The asset swap between VK and Yandex will be a cashless deal, Yandex told Interfax.

The transactions are expected to be closed by the end of the year, subject to approval by the Federal Antimonopoly Service.

Moreover VK and Sberbank have signed binding documents under which the Russian Internet company will exit its O2O Holding transport and foodtech joint venture with the bank and acquire 100% of food and grocery delivery service Delivery Club, the company said in a press release.

The deal is expected to close before the end of 2022, pending a number of regulatory approvals, VK said.

VK and the bank will thus conclude the partnership in transport and foodtech that resulted in the formation of O2O Holding in December 2019.