E-commerce group Naspers exited Czech Republic-based portfolio companies Netretail and Heureka yesterday, divesting the stakes to investment firm Rockaway Capital for a total of $201m.
Founded in 2000 as an online appliance retailer, Netretail has since expanded into other consumer products such as maternity and D-I-Y products, pet food and fashion.
The company is set to make about $440m in revenue in 2015, and has more than 10 million customers across the Czech Republic, Slovakia, Poland, Hungary and Slovenia.
Naspers acquired a majority stake in Netretail in 2012, buying shares from Intel Capital, semiconductor maker Intel’s corporate venturing unit, as well as private equity firm MCI Management.
Naspers had planned to merge Netretail with Romania-based e-commerce company eMAG at the time of the acquisition in order to form a larger online retail group, but the deal failed to close due to differing strategic views.
Heureka was founded in 2007 and acts as a subsidiary of Naspers. It runs an online price comparison search engine covering products in the Czech Republic and Slovakia.