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Yandex -6% after buying fuel delivery startup

Aug. 08, 2018 2:23 PM ETYandex N.V. (YNDX) StockYNDXBy: Brandy Betz, SA News Editor3 Comments
  • Russia internet group Yandex (NASDAQ:YNDX) buys startup fuel delivery service Toplivo v Bak for undisclosed terms. 
  • The purchase happened through the ride-share unit Yandex.Drive. Drive will use the acquisition to improve fueling for its growing fleet.   
  • Toplivo delivers fuel to parked cars after receiving an order through a smartphone app. The owner doesn’t have to be with the car. 
  • Toplivo will stop servicing private and corporate clients after the acquisition is complete. 
  • Competition: Startup Pump will be the only local competition. 
  • Yandex shares are down 6.1% to $33.24.    

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