On Air Now

Current Show

Frontlines of Freedom   8:00 AM - 9:00 AM

Follow Denny on Twitter @FoFradio

Show Info »

Listen

Listen Live Now » 590 AM Kalamazoo, MI

Weather

Current Conditions(Kalamazoo,MI 49001)

More Weather »
61° Feels Like: 61°
Wind: NNW 7 mph Past 24 hrs - Precip: 0.31”
Current Radar for Zip

Today

PM Thunderstorms 62°

Tonight

Partly Cloudy 41°

Tomorrow

Sunny 64°

Alerts

South Africa's Naspers in $570 million Russia internet deal: FT

JOHANNESBURG (Reuters) - South African media and e-commerce firm Naspers Holdings will merge two of its Russian internet sites with rival Avito.ru in a deal worth at least $570 million, the Financial Times reported on Tuesday.

Cape Town-based Naspers, which has transformed itself into a $29 billion internet powerhouse by buying business in fast-growing markets, plans to merge its Slando.ru and OLX.ru classified sites with Avito, the FT said in its online edition.

The deal, which would create the world's third-largest classified website, would also include Naspers investing $50 million in cash into Avito, giving it an 18.6 percent stake, the paper said.

After the deal Avito is likely to hold a 25 percent share of the Russian classified market in terms of traffic, the paper said.

No one was immediately available for comment at Naspers.

(Reporting by David Dolan; Editing by Ed Cropley)

Comments