Deals
Naspers Takes Control of Russia's Avito in $1.2 Billion Purchase
- Africa's biggest company raises stake in Internet group to 68%
- Sees significant growth in Russian online advertising market
This article is for subscribers only.
Naspers Ltd. agreed to buy a majority stake in Russia’s largest classifieds site Avito for $1.2 billion as Africa’s biggest company increases its exposure to the country’s online-retail market even as the economy remains in turmoil.
The media group will increase its stake in Avito to 68 percent from 17 percent, Cape Town-based Naspers said in an e-mailed statement on Friday. Stockholm-based Kinnevik is selling its 31 percent stake in Avito for $846 million as part of the deal, the Swedish company said. Naspers also owns a 29 percent stake in Mail.Ru Group Ltd., Russia’s largest operator of social networks.