South African group Naspers sells Czech operations to focus on Romanian eMAG’s regional expansion

South African-based global internet and media company Naspers has decided to sell its operations in the Czech Republic to focus on Romanian retailer eMAG’s regional expansion, the group announced on Monday. Naspers got USD 201 million from selling its holdings in Czech online retailer Netretail and price comparison platform Heureka to Czech investment firm Rockaway Capital. “For Naspers, the transaction forms part of an ongoing strategy to optimize its group structure,” according to the company’s representatives. Naspers acquired Netretail and eMAG in 2012, with a plan to merge the two assets and create a leading eCommerce platform across Central and Eastern Europe (CEE). “Diverging strategic views prevented the merger from being completed. Naspers subsequently decided to focus on eMAG as its preferred etail platform in the region,” Naspers concluded. eMAG is Romania’s biggest online retailer. The company has already expanded to Bulgaria and Hungary and is currently working on integrating Polish online retailer Agito, which it acquired at the end of 2014. eMAG has also worked on developing its business in Romania by adding new product categories of its own as well as new partner retailers to its online platform marketplace. The group aims to reach EUR 1 billion sales (in all its markets) in 2017. Naspers owns the majority stake in eMAG while the company’s Romanian CEO Iulian Stanciu holds a minority stake. Naspers also owns the biggest local classifieds website olx.ro. Naspers consolidates online fashion retail activities in Romania via eMAG – Fashion Days deal South-African investment fund NASPERS will control Romania’s two largest classifieds sites Naspers paid USD 80 mln for Romanian online retailer eMag, part of big e-commerce push editor@romania-insider.com