Naspers’ classifieds business OLX Group has invested $1.16 billion to acquire a further 29.1% stake in Avito, the leading online general classifieds and property platform in Russia.
OLX Group’s stake increases from 70.4% to 99.6% on a fully diluted basis.
The remaining shares are held by existing management, said Naspers.
Bob van Dijk, Naspers CEO, said Avito is the leading online classifieds player in Russia and their decision to increase the stake “reflects our belief in the long-term prospects of this great business and the Russian Internet market”.
Naspers initially invested in Avito in 2013. Over the last five years Avito has established leading positions in key categories and has 10.3 million daily unique