Walla! buys classified ads website Yad2

Yad2 operator Coral-Tell posted a net profit of NIS 9.4 million in 2009.

In a significant acquisition is Israel's Internet sector, portal Walla! Communications Ltd. (TASE: WALA) will gain control of classified ads site Yad2 by buying 75% of the site's operator, Coral-Tell Internet Services Ltd., for NIS 117.5 million. Walla! will also pay additional amounts to some Coral-Tell shareholders based on the company's working capital and subject to various adjustments.

Coral-Tell posted a net profit of NIS 9.4 million on NIS 37.1 million revenue in 2009, and a net profit of NIS 1.1 million on NIS 11.6 million revenue in the first quarter of 2010.

Walla!'s share was unchanged in early trading at NIS 4.86, giving a market cap of NIS 221 million.

Published by Globes [online], Israel business news - www.globes-online.com - on July 11, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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