* Acquisition to be funded through existing resources
* Buscape.com exclusive provider of shopping solutions
(Adds details, bacground)
JOHANNESBURG, Sept 29 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
Naspers, which owns stakes in companies in China, Brazil,
Russia and Europe, said the acquisition would be funded from
"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)