UPDATE 1-Naspers buys 91 pct of Brazilian Buscape.com
* Acquisition to be funded through existing resources
* Buscape.com exclusive provider of shopping solutions
(Adds details, bacground)
JOHANNESBURG, Sept 29 (Reuters) - Africa's biggest media group Naspers Ltd (NPNJn.J) said on Tuesday it has bought 91 percent stake in Brazilian e-commerce group Buscape.com Inc for $342 million as part of its strategy to expand into emerging markets.
Naspers, which owns stakes in companies in China, Brazil, Russia and Europe, said the acquisition would be funded from available resources.
"After investments in Abril and Compera nTime, Naspers has developed a good understanding of the fast-growing Brazilian market. Buscape is one of the few established players in the industry, and can grow further," said Hein Brand, CEO of Naspers's operations in Latin America.
Buscape.com is the exclusive provider of comparison shopping solutions to more than 100 portals and websites in Latin America, including Microsoft, Globo and Abril, with more than 10 million products and over 320,000 online and offline stores.
It also has an affiliate advertising network named Lomadee, an e-commerce research business, eBit, and a fraud risk assessment service, FControl.
Naspers is preparing to launch syndication of a $800 million forward start loan extending the maturities of existing loans to 2013 from October 2011, banking sources told Reuters last week.
Barclays, Citigroup, Nedbank and Standard Bank are arranging the facility, two of the sources said.
Under a forward start agreement lenders typically agree to extend existing loans at final maturity in return for a hefty increase in pricing on the existing credit. (Reporting by Gugulakhe Lourie)
- Former WWE champ nabs suspected burglar in Arizona
- Thousands take to N.Y. streets to protest Israeli offensive in Gaza
- First Ebola victim in Sierra Leone capital on the run
- U.S. fighter jets escort Canadian plane home over passenger threat
- Apple iPhones allow extraction of deep personal data, researcher finds