Naspers, the Afrikaans newspaper group turned multimedia multinational, is to pay up to $155 million for up to 100% of Polish instant messaging company Gadu Gadu.
The investment will allow Naspers to take control of Central Europe's top independent instant messenger (IM), with over six million unique users.
Naspers says Gadu's current majority shareholder, venture capitalist Warsaw Equity Holdings, has irrevocably committed to tender its 55% shareholding in the public tender offer. Gadu is listed on the Warsaw Stock Exchange.
In terms of the public tender, Naspers will extend an offer to acquire all of Gadu at a tender price of 23.50 zloty per share.
Gadu has been in business since 2000 and holds a 43% share of the Polish IM market. The company also operates one of the leading social community portals in the country, www.mojageneracja.pl, with approximately 1.6 million unique users.
A Naspers media release says Poland is the EU's fifth most populous country, with 38 million inhabitants. It adds that the region is exhibiting fast growth in the penetration of broadband connectivity, usage of the Internet and online Internet advertising.
The media giant already has a significant foreign footprint. It owns a 30% share in Chinese company tencent, the owner of China's version of Mxit, QQ. It also has a 30% stake in Russian Internet service provider mail.ru and a 30% holding in Brazilian magazine publisher Abril. The company also has business in the US, Ukraine, Australia, India and most of Africa.
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