JOHANNESBURG – Naspers yesterday moved its diversification strategy further, announcing that its e-commerce and classified unit OLX Group had made a R1.4 billion acquisition of specialised car buying service, We Buy Cars.
The group said the investment formed part of its plans to boost growth in classifieds, online food delivery and fintech businesses globally.
Chief executive Bob van Dijk said the investment in We Buy Cars would strengthen group’s ecommerce businesses.
“We invested R7bn in mergers and acquisitions in South Africa in the last year, including R3bn in e-commerce” he said. The group paid R2.7bn for a stake in Takealot Online.
The transaction comes just hours after the group announced that it was planning to spin off its video entertainment business and list it as a separate entity as part of a mission to evolve into a global consumer internet company.