» » Naspers To Buy 28.7% Stake In Digital Sky Technologies – Update

Naspers To Buy 28.7% Stake In Digital Sky Technologies – Update

(RTTNews) – Media group Naspers Ltd. (NPSN.L) said Wednesday that its unit Myriad International Holdings B.V. will take a 28.7% stake in Digital Sky Technologies Ltd.

Accordingly, Naspers will contribute its 39.3% stake in Mail.ru into Digital Sky and invest US$388 million in cash. Digital Sky is one of the largest internet companies in the Russian-speaking markets.

Mail.ru’s management and other minorities will also convert their shares into Digital Sky.

Upon closing of the deal, Digital Sky will own over 99.9% of Mail.ru, a communication and entertainment platform in the Russian-speaking internet world.

For the past three years, Naspers and Digital Sky have been working together as co-owners of Mail.ru and the new deal is expected to help them to further strengthen that relationship.

Yuri Milner, chief executive officer of Digital Sky said in a statement, “Naspers’s strategic insight has already proven to be valuable in our partnership and we welcome the expertise they will bring to DST. We are delighted to announce this transaction and look forward to creating further value through our relationship.”

Naspers noted that Mail.ru has over 50 million registered email accounts, has a leading market share in MMO games and is one of the leading social networks in Russia.

NPSN.L last traded on April 16 at 41.31 pence.

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