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Home / Business / Naspers & # 39; Prosus lists in Amsterdam worth $ 100 billion

Naspers & # 39; Prosus lists in Amsterdam worth $ 100 billion



Bob van Dijk, CEO of Naspers Ltd.

Bloomberg | Bloomberg | Getty Images

Europe has lamented its lack of major internet technology companies capable of competing with US and Chinese giants such as Google, Facebook, Alibaba and Tencent.

Overnight, the continent's fortunes changed in the form of a $ 100 billion consumer internet. company that listed publicly on Wednesday in Amsterdam.

The company is called Prosus, and it is a spinoff of South African consumer Internet conglomerate Naspers. Prosus said the market value on the first day of trading was about $ 1

00 billion, making it one of the top 10 Internet companies in the world.

"The listing of Prosus is an exciting step forward for the group, providing global technology with direct access to our unique and attractive portfolio of international consumer Internet businesses," Naspers and Prosus Group CEO Bob van Dijk said in a press release Wednesday.

Prosus is not a separate internet company which means that it does not offer digital services under its own brand such as Facebook or Alibaba. Instead, it invests in a portfolio of global Internet companies in sectors ranging from payment and fintech (financial technology) to food delivery.

The group's best-known investment is a 31% stake in Chinese tech giant Tencent, a gaming titan and owner of the hugely popular messaging app WeChat. Naspers made a $ 32 million investment in Tencent in 2001, an investment now worth $ 130 billion.

Under the new structure, Prosus will hold Nasper's Tencent ownership, as well as positions in other companies such as the Russian social media company Mail.ru Group and German delivery service Delivery Hero. Naspers will remain the majority owner of the new company.

Europe plays catch-up

The addition of Prosus to the Amsterdam stock exchange shakes up Europe's technological landscape, and the company is immediately one of the largest technological units in the region. According to data gathered by Reuters, it is only exceeded in size by German software company SAP, which is valued at about $ 135 billion.

Europe has hung after the United States and China as a home for large technology companies. Of the 20 largest Internet companies by value in 2018, none were headquartered in Europe, according to data from the World Economic Forum. Last month, reports emerged that the EU had drafted a sovereign wealth fund plan to invest in "high potential European companies" that could compete with US and Chinese big tech firms.

"Naspers believes that the choice of Euronext Amsterdam is and will be beneficial to the company, as the Euronext markets are some of the largest, most integrated and proven capital markets in Europe," the company said in its prospectus.

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Naspers first announced its intention to list its international assets under a new corporate name, now Prosus, on the Amsterdam Stock Exchange in March. Prosus also has a secondary listing on the Johannesburg Stock Exchange. Analysts said one of the reasons for the decision was that Naspers had a weight of a size on the Johannesburg Stock Exchange.

By listing directly on the Amsterdam stock exchange, the Prosus listing has not received as much attention as a traditional stock exchange listing, according to Ken Rumph, a stock research analyst at Jefferies who covers Naspers. As part of the listing, existing Naspers shareholders will be issued new Prosus shares.

"When you're listed in Europe, there's a bigger investment pool, lots of passive money and indexes that you can be a part of," Rumph said in an interview Tuesday. "It's a kind of tactical argument that this is a more favorable place."

Prosus will trade under the ticker symbol "PRX."


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