Naspers pays $1.1bn for Russian classified ads business
The plan is to consolidate the different local platforms into a single global one, CEO says
Global media and internet group Naspers will focus on consolidating technologies and harnessing artificial intelligence across its e-commerce business after taking full control of Russia’s largest classified advertising platform in a $1.1bn deal. Africa’s biggest company by market value on Friday said it bought out minority shareholders in Avito BB through its classifieds business OLX Group, increasing exposure to Russia’s e-commerce market and strengthening its global position in the sector. The plan is to consolidate the different local platforms into a single global one, CEO for classifieds Martin Scheepbouwer said on Saturday. “The key task at hand is to consolidate our technology,” he said. “We want to share technology, artificial intelligence and data efforts to have solutions work across the business globally.” Naspers has transformed itself from a newspaper publisher into a $98bn media empire by pushing into e-commerce, holding stakes in Russian internet group Mail.Ru Group ...
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