Naspers invests $1.16 bln in Russian classifieds platform Avito

Jan 25 (Reuters) – South African media and e-commerce firm Naspers is investing $1.16 billion in Avito to acquire a bigger stake in the Russian classified advertising platform, Slot777 it said on Friday.

The cash investment will take Naspers’ stake in Avito to 99.6 percent from 70.4 percent on a fully diluted basis.

The news confirms a Reuters report from earlier on Thursday that Naspers was in talks to increase its stake in Avito.(Reporting by Tanishaa Nadkar and Pushkala Aripaka in Bengaluru; Editing by Sai Sachin Ravikumar)