(Bloomberg) — Prosus NV is looking to sell its Russian classifieds ads business Avito, the latest international company to dispose of assets in the country following the invasion of Ukraine in February.
The disposal plan comes after the Dutch e-commerce giant earlier moved to “decouple” itself from its biggest Russian asset two months ago. Analysts have previously valued the business at about $6 billion.
“Following completion of the operational separation, Naspers’s Prosus has now decided to exit the Russian business,” the company said in a statement on Friday. “We have started the search for an appropriate buyer for our shares in Avito.”
Prosus, majority owned by South Africa’s Naspers Ltd., also expects to write off the value of its 27% stake in social-media group VK for $769 million.
The internet giant has about 4,000 people employed at Avito, and its OLX Europe business, which is based in Amsterdam, also has a team of around 350 employees in Ukraine.
Prosus shares traded as much as 3.8% higher on Friday in Amsterdam.
Companies exiting Russia include include Goldman Sachs, McDonald’s Corp. and Carlsberg A/S. Oil majors Exxon Mobile Corp., BP Plc and Shell Plc have cut ties with their Russian partners.
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