JSE-listed media group Naspers will fork out R2,9bn and give up its stake in Mail.ru in exchange for a 28,7% stake in Russian Internet giant, Digital Sky Technologies.
According to a statement issued via the JSE on Wednesday, the deal will be completed through Naspers subsidiary, Myriad International Holdings.
Naspers will hand over its 39,3% stake in Mail.ru, which it co-owned with Digital Sky for three years, giving the Russian business 99,9% of the company.
Naspers says an increased investment in Digital Sky will give it good growth potential in the region.
Digital Sky owns ICQ, a popular messaging platform in the country, and holds a 75% share in the country’s social networking platform Forticom.
Naspers has various pay-TV operations in Africa and holds shares in several Internet businesses in Asia and Europe, including an operation in China called Tencent.
Tencent runs ICQ competitor, instant messaging service QQ. — Staff reporter, TechCentral