January 25, 2019 / 6:34 PM / a month ago

Naspers invests $1.16 bln in Russian classifieds platform Avito

Jan 25 (Reuters) - South African media and e-commerce firm Naspers is investing $1.16 billion in Avito to acquire a bigger stake in the Russian classified advertising platform, it said on Friday.

The cash investment will take Naspers’ stake in Avito to 99.6 percent from 70.4 percent on a fully diluted basis.

The news confirms a Reuters report from earlier on Thursday that Naspers was in talks to increase its stake in Avito. (Reporting by Tanishaa Nadkar and Pushkala Aripaka in Bengaluru; Editing by Sai Sachin Ravikumar)

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