JOHANNESBURG/MOSCOW, March 12 (Reuters) – South African media and e-commerce firm Naspers Ltd bought an 18.6 percent stake in Russian internet rival Avito Holdings with an agreed merger of their local classified businesses and $50 million in cash.
- Naspers acquires 18.6 pct stake in Avito
- Plan to merge classifieds units Slando, OLX into Avito
- Naspers invests $50 mln in Avito
- Avito predicts further market consolidation
Naspers said it planned to merge its Slando and OLX Russian units into Avito and has injected $50 million to create a more powerful presence in Europe’s largest internet market.
“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 on Tuesday.
Read more…