Naspers disposes of R2.7 billion worth of Internet assets
Naspers has announced that it will be disposing of $201 million (R2.7 billion) of its holdings in two Czech-based Internet companies – Netretail and Heureka.
According to the media giant, the transaction is part of an ongoing strategy to optimise its group structure.
Naspers acquired Netretail (a Czech-based online retailer) and eMAG (the Romanian based internet retailer) in 2012, with a plan to merge the two assets and create a leading ecommerce platform across Central and Eastern Europe (CEE).
Diverging strategic views prevented the merger from being completed, the group said in a statement.
Naspers subsequently decided to focus on eMag as its preferred etail platform in the region.
As part of the transaction, Naspers is also selling Heureka, the group’s online price comparison platform in the Czech Republic.
Naspers’ other businesses in the region are unaffected by this disposal, it said.
The news follows Friday’s announcement that Naspers would invest US$1.2 billion (R16 billion) to become the largest shareholder in Avito, an online classifieds platform in Russia.
Naspers is buying shares from existing shareholders to increase its stake from 17.4% to 67.9% on a fully diluted basis.
Naspers initially invested in Avito, Russia’s largest generalist classifieds platform, in 2013.
It has since successfully expanded into classifieds verticals and is now also a leading player in five key verticals: General Goods, Auto, Real Estate (including Domofond), Jobs and Services.
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