(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN & ISIN: ZAE000015889
LSE ADS code: NPSN & ISIN: US6315121003
("Naspers" or the "Group" or the "Company")
SALE OF GRUPA ALLEGRO SP. Z O.O. AND CENEO SP. Z O.O.
Naspers announces the sale of its 100% interest in Grupa Allegro Sp. z o.o. ("Allegro") and Ceneo Sp. z o.o. ("Ceneo"), the leading online marketplace and price comparison businesses in Poland, to funds advised by private equity firms Cinven, Permira and Mid Europa for a total consideration of US$3.253bn.
Naspers acquired Allegro in 2008 for US$1.485bn as part of the US$1.9bn Tradus transaction. Since then Allegro strengthened its position as the leading ecommerce and marketplace platform in Poland. It achieved substantial growth in revenues and profits, generating US$714m in cash flows over time. Allegro's success also helped Naspers develop a broader ecommerce footprint in the region. Leveraging the Allegro platform, Naspers was able to build fast-growing businesses like OLX.pl and PayU.pl, which are valuable and contributing to enhanced returns.
The decision to sell Allegro Group is consistent with the Group's strategy to find and unlock value for shareholders. From time to time the Group exits earlier investments to realise a return on capital invested, and Allegro is a good example of this. Naspers remains committed to its remaining assets in Poland (OLX, PayU, Otomoto and Otodom) and will continue to develop them with a goal to generate good returns in the future.
Naspers and Cinven, Permira and Mid Europa see the transaction as the beginning of a strong partnership; in particular, PayU will continue to provide payment processing services to Allegro under a multi-year agreement.
The transaction is subject to approval by anti-trust authorities with closing expected before the end of fiscal 2017. Proceeds will be used to repay debt, fund the continued scaling of ecommerce businesses, and finance new acquisitions.
14 October 2016
Sponsor: Investec Bank Limited
For more information, please contact:
Head of Investor Relations
+27 11 289 3320
Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 130 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world's leading platforms in internet, video entertainment, and media.
Naspers companies connect people to each other and the wider world, help people improve their daily lives, and entertain audiences with the best of local and global content. Every day, millions of people use the products and services of companies that Naspers has invested in, acquired or built, including Allegro, Avito, Brainly, Codecademy, eMAG, Flipkart, letgo, Media24, Movile, MultiChoice, OLX, PayU, ShowMax, SimilarWeb, Twiggle, and Udemy. Similarly, hundreds of millions of people have made the platforms of its associates Tencent (www.tencent.com; SEHK 00700) and Mail.ru (www.corp.mail.ru; LSE: MAIL) a part of their daily lives.
Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN). For more information, please visit www.naspers.com
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
This information is provided by RNS