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Naspers acquires Romanian online store eMag for $83 mln - media

Naspers acquires Romanian online store eMag for $83 mln - media

BUCHAREST (Romania), November 29 (SeeNews) - South Africa-based Naspers media group has paid $83 million (64.3 million euro) for a 70% stake in Romanian online retailer eMag, local media reported.

The information was provided by unnamed sources in eMag to financial daily Ziarul Financiar ( on Wednesday.

Naspers group said it will acquire 70% of eMag's shares in July, when both parties did not disclose the terms of the deal, however the group's financial report showed that Naspers had paid a total of $120 million to acquire eMag and a minority stake in middle-eastern online retailer Souq Group Ltd in October. Souq Group reportedly received $40 million from Naspers.

Following the acquisition eMag's director general Iulian Stanciu owns a 21.6% stake and development director Radu Apostolescu holds the remaining 8.4%.

Romanian e-commerce company eMag, registered under the name Dante International SA, reported an annual turnover of 621.4 million lei ($177 million/137 million euro) and an annual net profit of 5.1 million lei in 2011, data filed with Romania's finance ministry showed.

eMAG ( was set up in 2001 and entered the Bulgarian market in October, where it has acquired the website.

($ = 0.775 euro)