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Deal lifts Naspers' Russian presence

March 13 2013 at 08:00am
By Reuters

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Naspers had bought an 18.6 percent stake in Russian internet rival Avito through a merger of their local classified businesses and $50 million (R450m) in cash, the JSE-listed media conglomerate said yesterday. Naspers said it would merge its Slando and OLX Russian units into Avito and inject $50m to build a bigger presence in Russia. “The rationale for this transaction was to create a stronger market player in the high-growth Russian classifieds market, in which we’ll have a significant minority stake,” Naspers spokeswoman Meloy Horn said yesterday. The deal values Avito at more than $570m and will give the group a 25 percent share of the burgeoning Russian classifieds market, making it the world’s third-largest classified website, according to a Financial Times report. Naspers shares fell 1.92 percent to close at R625.20 on the JSE yesterday. – Reuters


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