Prosus to Sell Russian Classifieds Business for $2.4 Billion

Prosus NV agreed to sell Russian classified-ads business Avito to subsidiaries of businessman Ivan Tavrin’s investment group for 151 billion rubles ($2.4 billion), furthering the firm’s exit from the country following the invasion of Ukraine.

Proceeds from the sale will be used for general corporate purposes, the Amsterdam-based e-commerce company said in a statement Friday. Avito was valued at about $1.38 billion as of end March, it said.