South African media and technology group, Naspers announced its intention to float its consumer internet businesses on the Euronext stock exchange in Amsterdam on July 17.
Naspers will retain a 73% stake in the new company, which will have a market capitalisation in excess of $112 billion and hold Naspers’ one-third stake in China’s Tencent, as well as its OLX and “letgo” classified businesses.
Existing Naspers shareholders will receive shares representing 27% of the new company when it lists, Naspers said in a statement.