Yandex and VK complete asset exchange

MOSCOW. Sept 12 (Interfax) - Yandex and the VK internet holding have closed a deal on the exchange of infotainment and food delivery assets, Yandex said in a statement.

Under the terms of the deal, VK has taken ownership of the News and Zen services, while Yandex has acquired the Delivery Club food delivery service.

Yandex signed binding documents with VK on the cash-free exchange of the Zen and News services for the Delivery Club food service on August 23.

Russia's Federal Anti-monopoly Service on August 30 permitted the companies to exchange assets, while issuing an order on the need to maintain competition in the respective markets.

In early September, a VK subsidiary consolidated 100% of Delivery Club, which was previously part of the asset portfolio of the transport and food tech joint venture between VK and Sberbank. The food delivery service became the property of Yandex on September 9.

VK received the content platforms Zen and News in exchange for Delivery Club.

The results of the projects will be consolidated in the reporting of VK from the third quarter of 2022, the internet company said.

VK has now received the rights to technologies and identity of Zen and News services and is registering the transfer of rights to the Zen trademark. The services will retain the interface familiar to users and will be available on the dzen.ru portal, which will also feature Yandex search bar and weather. Services will retain own teams and will be led by their current management. Zen will also retain the current monetization instruments for content creators and will be available on the web version and mobile app.

Yandex, in turn, will continue to develop the Delivery Club brand, while the service will join the single technological platform with Yandex Eats.