The global marketplace operator Prosus has today said it’s looking for a buyer for its entire stake in Avito.ru, the No. 1 classified business in Russia.
“We have started the search for an appropriate buyer for our shares in Avito,” Prosus said in a statement.
In March, Netherlands-based Prosus announced its separation from Avito in the aftermath of the Russia-Ukraine crisis.
“Following completion of this operational separation, Prosus has now decided to exit the Russian business,” it said.
The decision came on the heels of global marketplaces and classifieds disconnecting from Russia after its invasion of Ukraine. The AIM Group has published numerous reports on the Ukraine / Russia situation.
Prosus has already decided to liquidate its entire 25.9% stake in Russia-based VK Group, which operates horizontal marketplace Youla.ru, at an estimated book value of $700 million.
Avito accounted for 20% of cash flow into the Prosus Group and was estimated to have a $6 billion U.S. valuation. South Africa-based medi giant Naspers is the majority shareholder in Prosus.