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Sources say Naspers has sold off its property solutions firm, Korbitec, to RELX Group‘s LexisNexis, a business research solutions and software for professionals in Accounting, Law and Tax.
Neither party has disclosed the amount involved in the deal and the merger awaits approval from the Competition Commission ofSouthAfrica, the statutory body that regulates business practices in SouthAfrica, Techmoran reports .
RELX indicated that purchasing Korbitec and its wealth of expertise in the property industry allows LexisNexis to expand its legal information provision in South Africa.
The company also stated that the acquisition does not include Property24 and PayProp, both of which are tied to Korbitec.
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Naspers, is a South African mass media company also recently sold off its e-commerce platform, Kalahari, to Takealot, according to sources.