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14.03.2013 11:45, and are to merge

Russian free classified ads website is to merge with and, reports Avito Holding. The Swedish company has made an agreement with the South-African Internet Holding Naspers. Naspers brings its and  into and puts in $50 million in cash into Avito. As a result it acquires 18,6 percent equity stake in the new entity.


The deal will make Avito the third largest classified site after Craigslist and, according to the Financial Times.


Founded in 2007 by Swedish Jonas Nordlander and Filip Engelbert, Avito generated $30 million in revenue in 2012. attracts 35 million unique users monthly. 300 thousand new items are listed every day on the website. Last year the total sum of sold items on the website reached 20 billion Euro. The estimated new value of the company is $570 million.



Author: Irina Fomina

Tags: IT     

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