Russian antitrust authorities have halted the procedure of Google’s acquisition of Zao Begun, a Rambler Media owned online advertising company.
The acquisition agreement worth USD 140 million was penned in July this year, with the aim of expanding search engine giant’s online advertising business in Russia.
But, Russia’s Federal Antimonopoly Service (FAS) blocked the deal, as it claimed that the document submitted by Google didn’t have any clear information on employees in Russia, which posed problems for FAS in analysing the consequences of the deal.
Zao Begun, a Ramble media owned company, primarily deals in search and video and text advertising business.
Expressing its disappointment on the authority’s decision, Google said in a statement, “We strongly believe that this acquisition will enable us to significantly opportunities for Russian users, advertisers, and publishers as well as the entire industry.”
Incidentally Google is already facing antitrust charges in US, Europe and Canada over its contentious ad-revenue sharing deal with Yahoo.