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Yandex Cuts Advertising Deal with Google

Russia's largest search engine Yandex said it has entered into a partnership with Google that will allow their clients to tap into each others' advertising inventory.

Under the agreement, Google's advertising clients will gain access to the advertising inventory offered by publishers in Yandex's advertising network, while Yandex's advertising clients will be able to bid

This partnership will result in a larger number of bidders, which is expected to boost revenue for the most sought-after advertising spaces, Yandex said in a statement.

Yandex, which is ahead of Google in Russia with a market share of  60 percent, said technical integration is expected to take several months.

The agreement only relates to display advertising, and does not cover text-based contextual advertising, Yandex said in a statement.

In January, Yandex signed an agreement with Facebook for access to content from some of the social networking site's users in a move to further improve its search results.

Last year Yandex struck a deal with Mail.Ru under which Yandex shares advertising profits with the mail provider in exchange for Yandex's advertisers being given access to Mail.Ru's users.

Yandex said last week it expected revenues to grow by 25 to 30 percent this year, slower than in 2013.

For the full-year, Yandex reported revenues up 39 percent.

The bulk of Yandex's revenues comes from text-based advertising on Yandex websites with a small proportion coming from display advertising. For the year, total revenues rose 37 percent to 39.5 billion rubles ($1.11 billion).

Full-year net income was 13.5 billion rubles ($378.09 million), up 64 percent year-on-year.

Russia became Europe's largest Internet market in 2011 after several years of rapid broadband development, but growth in many online businesses such as Internet advertising has since slowed.

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