OLX owner and main shareholder Avito pulls out of Russian business and sells shares in Russia's largest ad site

The Dutch company Prosus has decided to exit the Russian business.

What does it mean?

The Dutch company Prosus NV is the Internet division of the South African media holding Naspers, represented in Ukraine, in particular, by the OLX website. Prosus is also the main shareholder of the largest free classifieds website in Russia, Avito.

Prosus decided to sell Avito shares.

“On March 25, 2022, we announced the spin-off of Avito’s Russian classifieds business from our OLX Group. Following the completion of the operational separation, Prosus decided to exit the Russian business. We have begun seeking a buyer for our shares in Avito,” the company said in a statement.

Source: prosus

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