Tencent Investor Prosus Launches $5 Billion Buyback in Bid to Close Value Gap
JOHANNESBURG—Internet conglomerate Prosus NV said Friday it plans to buy back up to $5 billion of its own shares and those of its parent Naspers Ltd., after losing out on two high-profile acquisitions. It is the latest attempt to narrow a persistent gap between the company’s market value and that of its stake in China’s
JOHANNESBURG—Internet conglomerate Prosus NV said Friday it plans to buy back up to $5 billion of its own shares and those of its parent Naspers Ltd., after losing out on two high-profile acquisitions. It is the latest attempt to narrow a persistent gap between the company’s market value and that of its stake in China’s Tencent Holdings Ltd.
Naspers, a South African newspaper publisher turned technology giant and Africa’s most valuable listed company, has long been struggling to bring its own market capitalization closer to…