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Naspers now owns Avito outright. It invested $1.2 billion U.S. in the No.1 Russian horizontal to buy out the 13.2 percent stake in Avito owned by Vostok New Ventures.

Naspers first invested in Avito in 2013. Subsidiary OLX Group has now bought a further 29.1 percent stake, bringing its ownership to 99.6 percent on a fully diluted basis. The remaining shares are held by the site’s management.

Naspers values the company at a staggering $3.85 billion U.S., according to a statement. “Avito is the leading online classifieds player in Russia and our decision to increase our stake reflects our belief in the long-term prospects of this great business and the Russian internet market,” said Naspers CEO Bob van Dijk. 

In the wake of the acquisition, Vostok New Ventures sold its shares for $540 million U.S.  “As [of] Sept. 30, 2018, Avito represented approximately 61.1 percent of Vostok New Ventures’ portfolio,” the company said in a separate statement. “The transaction will have a negative impact of approximately -3.9 percent on the business’ net asset value compared to the reported NAV as [of] Sept. 30, 2018.”

Vostok will distribute around  $236 million U.S. to its shareholders as a result of the sale. 

Avito was established in 2007. It’s main site, Avito.ru, is Russia’s eight-largest website. It sees an average of 304 million monthly visits, according to SimilarWeb. Naspers reported a 31 percent revenue increase to $162 million U.S. for the horizontal during H1 of fiscal 2019.