Naspers, Africa’s biggest company by market value, is selling stakes in two Internet companies in the Czech Republic for USD 201 million after an aborted attempt to create an e-commerce platform across Central and Eastern Europe, and is focusing on Romania’s eMAG as its online-retail platform in the region, Cape Town- based company said in a statement on Monday, cnbcafrica.com informs.
Naspers, which started as an Afrikaans language newspaper publisher a century ago, said the disposal of online retailer Netretail and price comparison platform Heureka was part of a plan to optimise its group structure.
“For Naspers, the transaction is part of the strategy underway to optimize the group structure. Naspers took over Netretail and Emag in 2012 with the plan to merge the two businesses to create a top platform for ecommerce brands in Central and Eastern Europe. Diverging strategic visions prevented the completion of this merger, and Naspers subsequently decided to focus on eMag as the preferred platform for electronic commerce in the region,” Naspers said in the quoted document.
The transaction is currently waiting for anti-trust approvals and will not affect other businesses in the region.
“Naspers’ other businesses in the region are unaffected by this disposal,” the company noted.
eMag, owned by Naspers group (74.2 percent) and Iulian Stanciu (25.8 percent), is an ecommerce retailer in Romania and the largest in the region, with activities in several domains such as: electronics, IT, fashion, home appliances, home and garden, baby products, books, sports, automotive and supermarket.