Naspers to buy India’s RedBus for R1.4bn: report

South African media giant Naspers is set to enter yet another emerging market through a controlling stake in India based online bus ticketing firm RedBus according to a report in the Economic Times.

Various reports have the deal at between $100 million and $140 million.

“It is our company policy not to comment on press speculation,” Naspers told BusinessTech.

Shares in Naspers continue to reach new records on the JSE, trading at approximately R750 in the mid-morning session, although R7.08 off its closing price, but not far off its record price of R762.60.

Naspers has a market cap of R312.04 billion.

The Indian publication said that Naspers arm MIH, “is in advanced negotiations with RedBus”, citing people directly familiar with the matter.

RedBus is India’s largest bus ticketing platform, issuing 10 million tickets with gross sales nearing $200 million, annually. The group was started by a group of friends in 2006.

In November, Naspers said it planned to purchase more e-commerce companies after making R4.7 billion in acquisitions in the six months leading up to September 2012.

Naspers CEO, Koos Bekker said the company would make as many as 20 more acquisitions in e-commerce leading up to March.

Naspers expects to publish its results for the year ending March 2013, next week (25 June).

The group says it expects core headline earnings per share for the year ending March 2013, to be between 15% and 25% higher than the comparable period´s R18.50.

Nasper’s principal operations are in internet platforms, pay-television and the provision of related technologies and print media including publishing, distribution and printing of magazines, newspapers and books.

Locally, it owns online retailers, and PriceCheck, pay television operation DStv, and Supersport, and Mweb.

The group holds interests in Russian Internet firm Mail.Ru Group, and Chinese group, Tencent.

More on Naspers

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Naspers hits new record on Tencent profit rise

Naspers in $570m Russian internet deal

Mail.Ru a cash cow for SA firm

Naspers associate to pay out special dividend

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Naspers to buy India’s RedBus for R1.4bn: report