In one of Europe’s largest ever venture capital backed M&A technology deals, which saw Naspers making a $1.2 billion investment in Avito, Northzone exited the Russian online classifieds company.
In the deal, valued Avito at $2.7 billion, the vc firm sold its stock in the company for $155m.
Following the firm’s first investment in 2010, Avito has grown to generate $76.5 million in 2014 at profit margins above 50%. Led by Jonas Nordlander and Filip Engelbert.
Commenting on the transaction, Pär-Jörgen Pärson, General Partner of Northzone, who has served on the Board of Directors of Avito Holding AB since 2010, said: “For the last two years, Naspers has been a very strong partner for growth in Avito, and we believe that this transaction will further strengthen Avito’s ability to develop in the Russian market and prove to be mutually beneficial for both companies”.
FinSMEs
25/10/2015