Naspers consolidates its leading position in Russian classifieds
Naspers’s Classifieds business, OLX Group, announced an investment of $1.16 billion, at an implied enterprise value of $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 $162 million.
The transaction closed on 25 January 2019 and was funded by Naspers’s existing cash resources.