Naspers buys majority stake in Avito

Africa’s Naspers bought 31%stake in Russian internet advertising company Avito, paying $846 million to Kinnevik.

Thus, the media group increased its stake to 67.9%.

Avito, which is the largest classifieds site in Russia, has been founded in 2007 by Kinnevik, together with Vostok Nafta, Filip Engelbert and Jonas Nordlander.