The South African media giant, Naspers, is buying all the Avito-shares it can get its hands on.
Now Swedish venturce captial firm Northzone is following Kinnevik and the Avito founders. They sell all their shares in the company for a total of $155 million. The company is valued at $2,7 billion, making this one of the biggest M&A deals ever in the European venture capital industry.
“We are very proud to have had the opportunity to support such a stellar team in what has turned out to be one of the best investments in Northzone’s 20 year history. From early days, Jonas and Filip have consistently impressed us with their ability to build a strong product that has a genuinely positive impact on many lives and businesses in Russia. For the last two years, Naspers has been a very strong partner for growth in Avito, and we believe that this transaction will further strengthen Avito’s ability to develop in the Russian market and prove to be mutually beneficial for both companies.” comments Pär-Jörgen Pärson, General Partner of Northzone, in a press release to Breakit. He has served on the Board of Directors of Avito Holding AB since 2010.
Naspers now holds 68 percent of the shares.