MOSCOW, Aug 13 (PRIME) -- Russian Internet company Yandex has withdrawn from negotiations on the acquisition of grocery chain Azbuka Vkusa, which could be explained by the asset’s high valuation, business daily Kommersant reported late on Thursday, citing sources.
An e-commerce source told the daily that Yandex was interested in Azbuka Vkusa mainly to develop online trade in foodstuff, but when studying the asset, the Internet company did not see the needed synergy with own resources.
Besides, one more problem could be excessive expectations of the sellers regarding the price, an investment source said.
Azbuka Vkusa’s owners still consider the sale of the business, the daily reported.
Media reported in June that Yandex was in talks to acquire Azbuka Vkusa.
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