Intel Capital sells stake in European online retail powerhouse NetRetail to Naspers

Intel Capital sells stake in European online retail powerhouse NetRetail to Naspers

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).

Naspers is a large shareholder of Internet giants like Mail.ru and China’s Tencent.

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