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.
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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.
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 $1.1-billion deal.
Naspers said on Friday that it is investing almost $1.2-billion (about R16-billion) to buy an additional 29.1% stake in Russian classifieds business Avito.
Naspers said on Friday that it will invest R1.4-billion to help South African technology entrepreneurs grow their start-ups and will invest R4.6-billion over the next three years in the local technology sector.
A day after announcing a plan to unbundle pay-television unit MultiChoice, Naspers’s online classifieds business OLX has made a R1.4-billion investment in specialised car-buying service Webuycars.