Yandex may buy Ostrovok

Yandex, an IT company, has become the main contender for the purchase of Ostrovok, an online hotel booking service, according to Kommersant sources. Deal could be worth ₽15-20 billion, which is higher than the market value estimated by experts at ₽9-12 billion. Main motive for Yandex's acquisition of Ostrovok is to acquire its closest competitor and increase its market share. Ostrovok is currently one of the largest online travel agencies in Russia.