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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).
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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.