MIH Allegro, a unit of South African mass media conglomerate Naspers, has acquired a controlling stake in Netretail Holding, an online retail giant in Central and Eastern Europe (CEE) with operations in the Czech Republic, Slovakia, Poland, Hungary and Slovenia with (self-reportedly) 3,200,000 registered customers.
The exiting shareholders are early backers Intel Capital, Intel’s global investment arm, and Eastern European private equity group MCI Management. The two firms had pumped about $56 million into the online retail company.
Financial terms of the MIH Allegro deal were not disclosed.
MIH Allegro, a 100% subsidiary of Naspers, operates a variety of e-commerce destinations and platforms in Central and Eastern Europe and Turkey (Markafoni).