Six bidders to do due diligence at Allegro
04 Aug 2016
According to a report on Puls Biznesu daily, Naspers invited six bidders to do a due diligence at its e-commerce platform Allegro, starting Thursday (today).
Puls Biznesu reported on August 2 (here), among the bidders are U.S. online retailer EBay and five private equity funds. They include CVC, working in consortium with General Atlantic, Permira in conjunction with Cinven, Apax, Advent International and Mid Europa Partners.
Naspers is asking PLN 13 billion ($3 billion U.S.) for Allegro, Puls Biznesu said.
Earlier, Reuters reported that among the bidders there are also Polish online groups Onet.pl, controlled by Ringier Axel Springer, and Wp.pl, owned by Innova Capital, as well as Chinese e-commerce group Alibaba (our report here).
Since then, Wp.pl has denied an interest in buying Allegro, since “the price is too high” (as later reported by Wirtualnemedia here). Also, an Alibaba spokesman denied in the Chinese media that the company was interested in buying Allegro, according to the IAR press agency (here).
The rumor that Naspers is thinking of selling its assets in Poland have circled before. In June this year, such a report was published on Bloomberg (here). One year earlier, a similar report was published on Reuters (more). The latter one was the only one officialy denied by Naspers and Allegro.
Naspers acquired Allegro back in March 2008 from the British company Tradus (formerly known as QXL Ricardo) for about €1.5 billion ($1.8 billion U.S.). Currently, Allegro Group manages 75 sites in 17 countries on three continents.
Apart from Allegro, other Polish assets of Naspers include the general classifieds site OLX, the real estate site OtoDom, auto site OtoMoto, online payments service PayU, and price comparison site Ceneo.
Allegro.pl is the most popular e-commerce service in Poland. It has 13.9 million real users who generate two billion page-views each month. These results give the Allegro Group a 57.2-percent share of the Polish e-commerce market (source: PBI/Gemius, 12/2015).