The business of the Naspers classification The OLX Group invested $ 1.16 billion to acquire an additional 29.1% stake in AVITO, the leading online platform for joint ads and real estate in Russia.
The participation of OLX Group increased from 70.4% to 99.6% on a fully diluted basis.
The remaining shares are held by the existing management, Naspeps said.
Bob van Dijk, Naspers CEO, said Avito is the leading online player in Russia, and their decision to increase "reflects our belief in the long-term prospects of this great business and the Russian internet market."
Nasper initially invested in Avito in 2013. Over the past five years, Avito has leading positions in key categories and has a unique 10.3 million daily unique positions.