Recently, many expressed regret about Europe’s struggle to match its great rivals, the US, and China, in creating the global firms that increasingly dominate the 21st-century marketplace.
While many worried about not creating a global champion, Prosus has changed Europe’s fortunes overnight on its first day of trading. With assets valued in excess of US$100bn, Prosus ranks among the top 10 consumer internet companies globally and is Europe’s largest by asset value.
Spinoff of Naspers
For the unknown, Prosus is a spinoff of South African consumer internet conglomerate Naspers. The company started trading last Wednesday through a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the Johannesburg Stock Exchange (XJSE:PRX).
Bob van Dijk, Group CEO Prosus and Naspers, said:
The listing of Prosus is an exciting step forward for the group, giving global technology investors direct access to our unique and attractive portfolio of international consumer internet businesses. The listing on Euronext Amsterdam provides a strong foundation for our future growth ambitions. We will continue to seek opportunities to partner with exceptional entrepreneurs who are using technology to address big societal needs, and to create value for our shareholders.
Nasper holds the majority shares!
Nasper will have at least a 73% stake in Prosus alongside its South African businesses, Takealot and Media24. The remaining shares will be the free float created through a capitalisation issue, the results of which are expected to be announced on Monday, 16 September 2019.
With the company instantly becoming the continent’s second-biggest tech company, we at Silicon Canals have jotted down a list of important things that you should know about Prosus.
The spinoff of Prosus is a global consumer internet group and one of the largest technology investors in the world. It’s worth mentioning that the company doesn’t offer digital services under its brand like Facebook; instead, it invests in a portfolio of global internet firms.
International internet assets of Naspers
The company aims to help improve the lives of around a fifth of the world’s population. Prosus comprises the international internet assets of Naspers, Africa’s most valuable company.
Focus on long-term growth potential
The group focuses on long-term growth potential by building leading companies that improve people’s daily lives in high-growth markets. It is mainly focussed on online classifieds, payments and fintech, and food delivery in markets including India, Russia, and Brazil. Its ventures arm is looking out for new growth opportunities with investments in Edtech and health, among others.
Holds 31% stake in Tencent
Prosus also has investments in leading internet companies Tencent, Mail.ru, and Ctrip. Notably, Nasper made $32 million (€28 million) investment in Tencent in 2001, which is now worth $130 billion (€117 billion).
Invested and acquired
Prosus has invested in, acquired or built many noteworthy companies including Avito, Brainly, BYJU’S, Codecademy, eMAG, Honor, iFood, LazyPay, letgo, Meesho, Movile, OLX, PayU, Red Dot Payments, Remitly, SimilarWeb, SoloLearn, Swiggy, and Udemy.
Main image credit: Euronext
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