Naspers grabs more of Russian Internet giant - TechCentral

Naspers grabs more of Russian Internet giant

The ICQ logo

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

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