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

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South Africa's Naspers in $570 million Russia internet deal: FT Mar 12th 2013, 07:27 JOHANNESBURG | Tue Mar 12, 2013 3:27am EDT 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.

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