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Sep 25 2008

Naspers stake in Mail.ru valued at R5.2 billion

Published by at 2:38 pm under Companies

Mail.ru, the leading Russian website in which Naspers holds a 32% stake, got a new majority shareholder, the Russian daily Vedomosti reported yesterday.

In the process, Mail.ru was valued at $2 billion, giving the Naspers stake a value of $640 million or R5.2 billion at today’s exchange rate.  

In January 2007 Naspers paid $165 million for a 30% stake in Mail.ru and bought another 2.6% for $25 million in November, valuing Mail.ru at $1 billion at the time. 

The story reported in Vedomosti was translated by the Quintura blog (second story from top) as follows:

Digital Sky Technologies (DST), the Russian Internet investment group run by Yuri Milner, is the majority stakeholder (50.6%) in Mail.ru. after buying an additional 15% in the company for $300 million from Tiger Global Management, the business daily newspaper Vedomosti reported today (24/9). For the purposes of the deal Mail.ru was valued at $2 billion. DST sold a 35% stake in itself to Alisher Usmanov, founder of Metalloinvest and owner of Kommersant publishing house and an English soccer team, to finance the deal, the daily said.

Mail.ru is Russia’s leading website (measured by visitors) with 6.2 million visitors per day and 14.7 million visitors per month, according to TNS Web Index.

According to Naspers’ financial statements, Mail.ru generated revenue of $56 million with an EBITDA margin of 64% in 2007. Mail.ru is Russia’s 3rd largest Internet company (by revenue) after Yandex and Rambler.

Digital Sky Technologies (DST) is a major investor in Russian Internet. Among others, it owns big stakes in leading Russian social networks (eg. Odnoklassniki.ru), in Vkontakte.ru, a leading Russian online recruitment site, and in electronic payment provider OE Investments.

Source: Quintura

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