Naspers has announced that it has sold off its stake in Netretail. The company said the transaction forms part of an ongoing strategy to optimise its group structure.
Naspers acquired Netretail (a Czech-based online retailer) and eMAG (the Romanian based internet retailer) in 2012, with a plan to merge the two assets and create a leading ecommerce platform across Central and Eastern Europe (CEE).
In statement released by Naspers, “Diverging strategic views prevented the merger from being completed. Naspers subsequently decided to focus on eMag as its preferred etail platform in the region”.
As part of the transaction, Naspers said it is also selling Heureka, the group’s online price comparison platform in the Czech Republic. Naspers’ other businesses in the region are unaffected by this disposal.
Naspers will have to wait to get regulatory approval as the transaction is subject to antitrust clearance. The company did not state how much it agree to sell its stake in Netretail.