Reports by the South-African group reveal that Naspers paid a total of $120 million for a transaction that targeted a controlling stake in eMag, and a minority stake in Middle Eastern online commerce platform Souq.com.
According to regional publication Tfour.me, the transaction to take over Souq.com amounted to $40 million, which means that Naspers paid around $80 million for 70% in eMag.
The information was confirmed on Tuesday by eMag sources, who said the 70% stake was sold for around $83 million. eMag last year had a turnover of EUR145 million and a net profit of EUR1.2 million.
Dante International, which owns eMag, was valued by ZF’s yearbook of the “Top 100 most valuable companies in Romania” at EUR109 million, which puts the value of the 70% stake in eMag at EUR76 million ($98 million).
Naspers group has an annual revenue of over $5 billion from media, e-commerce and internet operations.
(English version by Daniela Stoican)