Prosus NV agreed to sell Russian classified-ads business Avito to subsidiaries of businessman Ivan Tavrin’s investment group for 151 billion rubles ($2.4 billion), furthering the firm’s exit from the country following the invasion of Ukraine.
(Bloomberg) — Prosus NV agreed to sell Russian classified-ads business Avito to subsidiaries of businessman Ivan Tavrin’s investment group for 151 billion rubles ($2.4 billion), furthering the firm’s exit from the country following the invasion of Ukraine.
Proceeds from the sale will be used for general corporate purposes, the Amsterdam-based e-commerce company said in a statement Friday.
Avito was valued at about $1.38 billion as of end March, it said.
Tavrin, 45, is a former partner of billionaire Alisher Usmanov and ex-chief executive officer of Russian wireless carrier MegaFon PJSC.
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