Multinational media company Naspers (NPN) announced on Monday that, following approaches for the sale of its internet service provider (ISP) business MWEB, it is initiating an auction process. <\/p>\n
MWEB is one of the largest residential internet service providers in SA and also owns the largest VSAT corporate internet base in sub-Saharan Africa. <\/p>\n
Naspers noted that in order to exploit its market leadership position in a rapidly growing broadband environment, MWEB is planning to invest in wireless broadband. <\/p>\n
"This strategy, focusing on connectivity, diverges from Naspers’s core focus of online content platforms, communities and commerce. Naspers owns no ISP elsewhere in the world. <\/p>\n
"It holds internet investments in 24.com, Tencent, Mail.ru and Gadu-Gadu, the leading online communities and communication businesses in SA, China, Russia and Poland, respectively. Via the recent acquisition of Tradus, it now owns leading e- commerce platforms in central and Eastern Europe. <\/p>\n
"In addition, Ibibo in India, Sanook! in Thailand and MXit in SA continue to grow their online communities. However, none of them have ISP components," Naspers said. <\/p>\n
"Citigroup has been appointed as financial advisor regarding interests expressed by several potential investors," it added. <\/p>\n