Tradus Auction Site Agrees £946 Million Takeover By South Africa’s Naspers
By Robert Andrews - Tue 18 Dec 2007 02:12 AM PST
Auction site Tradus, the former QXL Ricardo, has agreed to be sold to South African media group Naspers as expected - but for even more than had been forecast over the weekend. The pair agreed an £18-a-share offer, valuing Tradus at £946 million - 36.7 percent higher than the average share price during its most recent half-year. The proposal is due to be put to shareholders in February. This would appear to open up a new line in internet business for Naspers, which has formed a new company, MIH Internet, under its Myriad International Holdings (MIH) division to manage the acquisition. Fixed on emerging markets MIH operates the M-Web portal, Chinese portal Tencent and TV services.
In today’s statement, Naspers said it “has prioritised the internet sector for expansion”, having achieved success in communications, social networking and community. It also confirmed it’s targeting central and eastern Europe - its acquisition of Polish ad-funded instant messenger Gadu-Gadu is ongong and Tradus is primarily based out of Poland and Switzerland. But Naspers said its current internet plays are mostly ad-funded and it wants to expand in to transactional income.
