South Africa-based global internet and entertainment group Naspers Ltd (JSE: NPN.SJ) (LSE: NPSN) said it sold Poland-based Allegro Group, which includes both Allegro.pl and Ceneo.pl, to private equity firms Cinven, Permira and Mid Europa for US$3.253 billion.
Founded in 1999 and headquartered in Poznan, Allegro is the most popular online shopping destination in Poland with more than 20 million registered users. Allegro provides an online marketplace for companies and private sellers to sell their products to consumers, resulting in total sales of more than 850 thousand items a day. The company employs 1,275 people across five offices in Poznań, Warszawa, Toruń, Wrocław and Kraków. Based in Wrocław, Ceneo.pl is the most popular online comparison shopping business in Poland.
“Allegro is a business that we invested in during 2008, and since then we have built it into a respected and successful commerce brand in Poland,” said Bob van Dijk, CEO of Naspers.
David Barker, partner at Cinven, said: “Allegro is a great business. It is a clear market leader and extremely well positioned to benefit from structural e-commerce drivers with a strong technology platform and strong reputation with its users.”
Richard Sanders, partner at Permira, commented: “In Allegro we have found a real gem which is the pre-eminent consumer and merchant internet brand in Poland. The business has a fantastic underlying technology platform and we look forward to backing the management team to develop it further.”
“We recognise the strong organic growth opportunities available in the Polish e-commerce and retail sectors,” added Pawel Padusinski, partner at Mid Europa. “We are enthusiastic about working closely with the management team and our partners from Cinven and Permira in supporting Allegro’s further growth.”
The deal is subject to antitrust clearance.
Naspers was advised by Morgan Stanley (financial advisor), Allen & Overy (legal) and Deloitte (accounting and tax), while Cinven, Permira and Mid Europa consortium was advised by Goldman Sachs International (lead financial advisor), Macquarie Capital (financial), Clifford Chance (legal), McKinsey (commercial) and EY (accounting and tax).
Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 130 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world’s leading platforms in internet, video entertainment, and media, including Allegro, Avito, Brainly, Codecademy, eMAG, Flipkart, letgo, Media24, Movile, MultiChoice, OLX, PayU, ShowMax, SimilarWeb, Twiggle, and Udemy.
Photo: Bob van Dijk, CEO of Naspers.