South African media company Naspers has sold its 100 percent stake in Poland-based Allegro Group, including both Allegro and Ceneo, to funds advised by private equity firms Cinven, Permira and Mid Europa, for USD 3.253 billion. Naspers said the decision to sell Allegro Group was in line with its strategy to find and unlock value for shareholders.
Naspers said it remains committed to its remaining assets in Poland, namely OLX, PayU, Otomoto and Otodom, and will continue to develop them with a goal to generate good returns in the future. The transaction is subject to approval by anti-trust authorities with closing expected before the end of fiscal 2017. Proceeds will be used to repay debt, fund the continued scaling of ecommerce businesses, and finance new acquisitions. Naspers acquired Allegro in 2008 for USD 1.485 billion as part of the USD 1.9 billion transaction.
The company, Cinven, Permira and Mid Europa see the transaction as the beginning of a strong partnership: in particular, PayU will continue to provide payment processing services to Allegro under a multi-year agreement.
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