By Sabela Ojea

Naspers Ltd. said Friday that it is selling Avito Group to two subsidiaries of Kismet Capital Group LLC, which is owned by Russian oligarch Ivan Tavrin, for 151 billion Russian rubles ($2.38 billion).

The South African investor said Radio Reklama Vologda LLC and Infrastructure Holding-2 LLC, both subsidiaries of Kismet Capital, will pay for the acquisition through a mix of cash resources and debt financing.

The sale of Avito Group, which owns a site for online classified ads in Russia, is expected to take place this month, the company added.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 14, 2022 12:35 ET (16:35 GMT)

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