Multinational group Naspers invests in Romanian e-commerce company eMag
According to the press release, which presents eMag as the biggest e-commerce company in Romania and Eastern Europe, Naspers will hold 70% of the company, with the rest retained by shareholders Iulian Stanciu (21.6%) and Radu Apostolescu (8.4%).
The release says Naspers invests in eMag considering the company's position in the regional retail market and that the group eyes to use the local company's know how for expansion at regional level.
Local Shareholders Iulian Stanciu and Radu Apostolescu will be General Manager and Development Manager respectively.
eMag will expand on the main markets of Eastern Europe with a first step already made this year with the entry on the Bulgarian market, the release says.
The deal - the value of which was not disclosed officially - will become effective once Romania's Competition Council gives its approval.
In Romania, Naspers - a group with major operations in Asia, South America, Africa, Russia and Central Europe - also controls PayU online payment platform and online platforms autovit.ro, marcador.ro, compari.ro.