Prosus Announces The Disposal Of Avito Group
Prosus Announces The Disposal Of Avito Group. Prosus has entered into an agreement to sell its shareholding in Russian classifieds business, Avito, to Kismet Capital Group (Kismet), for a total cash consideration of RUB 151 billion. Kismet is a private investment group with a track record of investing in technology and telecommunications businesses in Russia.
Since announcing its intention to sell Avito on 20 May 2022, Prosus’ aim has been to manage the sale of the business in a responsible and orderly way. The company believes this transaction best accomplishes that objective. Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
Prosus is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, Russia, and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.
The Avito Group disposal will involve the disposal and transfer by the Group of the following entities comprising the Avito Group: (i) KEH eCommerce LLC (a Russian incorporated entity) and its subsidiaries; and (ii) Avito Holding LLC (a Russian incorporated entity) and its subsidiaries.
