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.<\/p>\n
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.<\/p>\n
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\u00a0 in 2014.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
“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
\nin Gains on acquisitions and disposals in the income statement”<\/p><\/blockquote>\nNaspers 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.<\/p>\n