NPN consolidates position in Russian classifiedsSource: RNS
(Incorporated in the Republic of South Africa)
(Registration number: 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or the "Company")
Naspers consolidates its leading position in Russian classifieds
Naspers's Classifieds business, OLX Group, announced late on Friday 25 January 2019 an investment of US$1.16 billion, at an implied enterprise value of US$3.85 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.
Naspers initially invested in Avito in 2013. Over the last five years Avito has established leading positions in five key categories: Goods, Autos, Real Estate, Jobs and Services. With 10.3 million daily unique visitors, Avito now attracts a large portion of the Russian internet population every day.
Avito continues to experience strong growth. In 1H 2019 revenues increased by 31% to US$162m, driven by enhanced product features, strong vertical traction and working closely with professional advertisers. The business continues to generate robust profit margins.
The transaction closed on 25 January 2019 and was funded by Naspers's existing cash resources.
28 January 2019
Investec Bank Limited
About OLX Group
OLX Group is the Naspers Classifieds business, which operates a network of market-leading trading platforms across five continents.
With 350 million monthly users worldwide, OLX Group makes it fast and easy to buy and sell almost anything online, such as household goods, phones, cars and houses. Through consumer brands including Avito, OLX, letgo and many more, around 17 million items are exchanged on its apps and platforms every single month.
The company is powered by a team of 5,000 people, operating from +35 offices around the world.
Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 120 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world's leading platforms in internet, video entertainment, and media.
Naspers companies connect people to each other and the wider world, help people improve their daily lives, and entertain audiences with the best of local and global content. Every day, millions of people use the products and services of companies that Naspers has invested in, acquired or built, including Avito, Brainly, BYJU'S, Codecademy, eMAG, Honor, ibibo, iFood, letgo, Media24, Movile, MultiChoice, OLX, PayU, Showmax, SimilarWeb, Swiggy, Takealot, Udemy, and WeBuyCars.
Similarly, hundreds of millions of people have made the platforms of its associates a part of their daily lives: Tencent (www.tencent.com; SEHK 00700), Mail.ru (www.corp.mail.ru; LSE: MAIL), MakeMyTrip Limited (www.makemytrip.com; NASDAQ:MMYT) and DeliveryHero (www.deliveryhero.com; Xetra: DHER)
Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has an ADR listing on the London Stock Exchange (LSE: NPSN).
For more information, please visit www.naspers.com
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
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