South African Internet giant becomes largest shareholder in Russian online classifeds platform

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October 27, 2015 12:41 PM

The transaction increases Naspers’ stake in Avito from 17.4% to 67.9% through purchase of shares from shareholders, further strengthening Naspers position as a global leader in online classifieds.

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South African-based global Internet and media company, Naspers, has announced that it is now the largest shareholder in Avito, the leading online generalist classifieds platform in Russia, after a $1.2 million transaction.

The transaction increases Naspers’ stake in Avito from 17.4% to 67.9% through purchase of shares from shareholders, further strengthening Naspers position as a global leader in online classifieds.

The transaction is subject to approval by the relevant South African authorities and the South African Reserve Bank (SARB).

READ: South African giant sells off property solutions firm Korbitec

Naspers CEO, Bob Van Dijk, in a press release said, “This transaction will increase our exposure to the large scale and attractive Russian online market, to the clear market leader in online classifieds and to a talented management team.”

Naspers initially made an investment in Avito back in 2013, and has since expanded into classified verticals and is now also a leading player in key verticals such as general goods, Auto, jobs, services and real estate.

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