The value of the merger deal between the two largest e-commerce ventures in South Africa, Takealot.com and Kalahari.com were revealed by Naspers this week.
On Monday Naspers, the listed media and internet group, reported a 17% rise in revenue to R73 billion for the year ended March 2015, from R62.7 billion before.
Operating profit, however, dropped 21% to R1.6 billion, from R2 billion, but core headline earnings per N ordinary share advanced 28% to R27.82, from R21.81 in 2014.
Kalahari.com and Takealot.com originally announced a merging of their operations in October last year, after Takealot.com raised $100 million from its major shareholder, New York Based, Tiger Global Management in April of 2014.
Kalahari, a Naspers subsidiary, closed it’s doors in April, and in a note in its provisional report on Monday, Naspers revealed some of the financial details of the transaction.
“During February 2015 the group acquired a 46,5% interest in Takealot Online (RF) Proprietary Limited (Takealot) in exchange for the contribution of its South African etail business, Kalahari.com, and the issue of 612 977 Naspers N ordinary shares.
“The aggregate purchase consideration in the transaction amounted to R1.2 billion and the acquisition gave rise to a deemed disposal gain of R154 million, which has been recognised
in Gains on acquisitions and disposals in the income statement”
Naspers said it’s interest in Takealot is accounted for as an investment in an as sociate. The group has a 41,86% interest in Takealot on a fully diluted basis.