Prosus says Naspers exchange successful, cross-structure deal to proceed

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AMSTERDAM (Reuters) - Prosus, the technology investor, said on Friday that all conditions of its offer to buy Naspers shares have been met and a deal to set up a cross-holding structure between the two companies will proceed.

Under the terms of the deal first announced in May, Prosus is buying up to 45.4% of Naspers’ shares, issuing new Prosus shares to pay for them.

The new shares will be issued and listed on Monday, Prosus said in a statement. After the deal, Prosus will have an economic interest of around 60% in the companies’ assets, including the $167 billion worth of shares they own in Chinese internet giant Tencent Naspers will have an economic interest of around 40% but retain voting control over Prosus via shares with special voting rights. The companies share a single board.

Reporting by Toby Sterling; editing by Barbara Lewis