JSE-listed Transaction Capital said on Wednesday that it is in talks to increase its stake in WeBuyCars to 74.9%, a move that will give it control over the South African online car marketplace.
Naspers has hired a top Airbnb and former Amazon executive to lead its global online classifieds business, it said on Thursday, as the technology investor looks to shore up contributions from core businesses.
After Naspers was blocked from acquiring a controlling 60% stake in specialist car-buying service WeBuyCars earlier this year, Transaction Capital has announced it is taking a 49.9% stake in the company.
The Competition Tribunal has blocked Naspers’s plan to buy WeBuyCars. This comes after the Competition Commission moved to prevent the R1.4-billion acquisition of a 60% stake in the company.
Naspers’s Prosus, through its OLX Brazil business, has agreed to spend R9.9-billion to buy Grupo ZAP, described as one of the fastest-growing technology companies in the South American country.
OLX Group, the Internet classifieds business in the Prosus stable, said on Monday that it will increase its ownership in online car marketplace Frontier Car Group.
When Naspers’s Latin America chief cold-called Alec Oxenford in 2010, he got straight to the point: he wanted to buy a majority stake of the Argentinian entrepreneur’s online classifieds business.
Naspers has made the first investment through its new Naspers Foundry start-up fund, buying a stake in Internet-based domestic cleaning service SweepSouth for R30-million.
The Competition Commission has moved to block Naspers’s proposed R1.4-billion acquisition of a 60% stake in WeBuyCars.
Naspers, the most valuable company on the JSE, will prioritise investments in classifieds, financial technology and food — activities that it could possibly hive off with separate share listings in the right circumstances.