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Naspers, a South Africa-based Internet and media group has announced that it has sold off its stake in Czech-based online retailer, Netretail.
The company says the sale is part of its ongoing efforts to optimized its structure and stake its claim as a major player in the industry.
Naspers had acquired Netretail and eMag, an Internet retailer based in Romania in 2012 with the aim of creating a leading eCommerce platform in Central and Eastern Europe by joining both assets.
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Unfortunately, the merger was never completed due to divergent views on strategy, which led to Naspers focusing on eMag as its preferred retail platform in the region.
Naspers Limited was founded in 1915 and has its headquarters in Cape Town. The company has an impressive portfolio that cuts across various industries and is the 7 largest Internet Company in the world, according to Techloy.