Deals
Africa's Biggest Company to Start Funding Roadshow in U.S. and U.K.
- Naspers spends about $500 million a year on M&A, CEO Says
- Naspers pay-TV business able to add subscribers despite woes
This article is for subscribers only.
Naspers Ltd. will approach investors in the U.S. and the U.K. next week about a bond issue as Africa’s biggest company by market value continues its acquisition-hungry quest to expand its internet businesses.
The proceeds for the bond will shore up the company’s balance sheet for future growth opportunities and will also be used to refinance some of its current debt, Naspers Chief Executive Officer Bob van Dijk said by phone on Saturday. While Naspers spends about $500 million on mergers and acquisitions a year there is no set target and decisions depend on finding the right businesses and opportunities, he said. The Cape Town-based company reported full-year earnings on Friday.