Russia rejects Google's ad firm buy
- Added:
- Oct 24, 2008
Russia’s anti monolpoy authority has blocked Google from buying online ad firm ZAO Begum.
Google said in July that it would spend $140m to buy the ad service, ZAO Begun, from russuan web portal Rambler Media. The deal was expected the deal to be finalized during the third quarter of 2008.
Google was hoping the acquisition would boost its presence in Russia, which has a fast-growing digital advertising market.
In a statement, Google said it was "very disappointed" that Russia's Federal Anti-Monopoly Service, or FAS, decided to block the deal. "At this time we are reviewing FAS's decision. Once this process is complete, we will decide on our next steps," Google said.
Rambler also said in a notice on its Web site that the deal was rejected.
The Federal Anti-Monopoly Service has not elaborated on the reason for the rejection.