Naspers' classified business OLX Group completed the acquisition of an additional 29.1% in Avito for $1.16bn.

Naspers’ Classifieds business, OLX Group, announced an investment of $1.16bn, at an implied enterprise value of $3.85bn, to acquire a further 29.1% stake in Avito, an online general classifieds and property platform in Russia. OLX Group’s stake increases from 70.4% to 99.6% on a fully diluted basis. The remaining shares are held by existing management. “Avito is the leading online classifieds player in Russia and our decision to increase our stake reflects our belief in the long-term prospects of this great business and the Russian internet market. This investment further strengthens our global position in online classifieds, a core focus for Naspers alongside online food delivery and fintech,” Bob van Dijk, Naspers CEO.