Prosus

Last updated
Prosus N.V.
Company type Naamloze Vennootschap
Euronext Amsterdam:  PRX
JSE: PRX
A2X: PRX
AEX component
ISIN NL0013654783
Industry Investments
Headquarters
Amsterdam
,
Netherlands
Area served
Worldwide
Key people
 Koos Bekker
(chairman)
Fabricio Bloisi (CEO) [1]
Basil Sgourdos
(CFO)
Revenue5,467,000,000 United States dollar (2024)  OOjs UI icon edit-ltr-progressive.svg
923,000,000 United States dollar (2024)  OOjs UI icon edit-ltr-progressive.svg
1,300,000,000 United States dollar (2024)  OOjs UI icon edit-ltr-progressive.svg
Total assets 152,427,000,000 United States dollar (2024)  OOjs UI icon edit-ltr-progressive.svg
Number of employees
15,677 [2]
Parent Naspers Limited
Website prosus.com

Prosus N.V., or Prosus, is a global investment group that invests and operates across sectors and markets with long-term growth potential. It is among the largest technology investors in the world. [3]

Contents

Prosus has invested across multiple verticals,[ jargon ] including social / gaming, classifieds, payments, financial technology, educational technology, food delivery, and ecommerce. [4] Products and services of its businesses and investments are used by more than 1.5 billion people in 89 markets. [2]

Prosus is majority-owned by South African multinational Naspers. [5] In September 2019, Prosus's ordinary shares were listed on Euronext Amsterdam and, as a secondary inward-listing, on the Johannesburg Stock Exchange. [6] Subsequent to its IPO Tooltip Initial public offering, Prosus became the largest consumer Internet company in Europe by asset value. [7] Shares in the company were reported to have "soared on debut," [8] [5] although the company was trading at a significant discount to the value of its portfolio. [9]

Business

Prosus' head office is located in the Symphony Building in the Zuidas business district in Amsterdam. Campus Duisenberg school of finance.jpg
Prosus' head office is located in the Symphony Building in the Zuidas business district in Amsterdam.

The group's expansion into Internet platforms began in the 1990s, [2] spanning various tech investments, [10] including:

Prosus is best known for its investments in Tencent, dating back to a 45% share in 2001. [15] In 2019 the company attempted to acquire Just Eat, but lost the bidding war to Takeaway.com. [16]

In March 2022, Prosus announced it was writing off its 25.9% stake (worth approximately US$700m) in social media company VK after VK's CEO Vladimir Kirienko was put on a U.S. sanctions list. [17] [18]

Controversy

Following the 2022 Russian invasion of Ukraine which began on February 24, many international, particularly Western companies pulled out of Russia. Unlike most of its Western competitors, Prosus has been slow to announce any disinvestments or scaling back of its operations in Russia, drawing criticism. The criticism concerned in particular its Avito service (a subsidiary of OLX), which among others publishes advertisements about recruiting to the Russian army. [19] [20] Prosus agreed to sell Avito service to Kismet Capital Group for $2.4 bln. Prosus and its parent, Naspers, said the sale will close this month (October 2022). [21]

Acquisitions

NoAcquisition DateCompanyPrice (USD)Ref
1June 3, 2021 Stack Overflow $1.8 billion [22] [23]
2June 15, 2021GoodHabitz$257 million [24] [25]
3August 19, 2022 iFood $1.9 billion [12] [26]

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References

  1. ↑ "CEO Steps Down". Reuters. 18 September 2023.
  2. 1 2 3 "newglobaltechgroup.com" (PDF). ww38.newglobaltechgroup.com.
  3. ↑ "Update on repurchase program". prosus.com.
  4. ↑ Schulze, Elizabeth (September 11, 2019). "A $100 billion tech company you've never heard of just listed in Europe". CNBC.
  5. 1 2 Wexler, Alexandra (September 11, 2019). "Introducing Prosus: A Rare European Mega-Tech Stock" – via www.wsj.com.
  6. ↑ "Prosus - About". www.prosus.com. Retrieved 2021-07-13.
  7. ↑ "Naspers Announces Revised Timetable for the Listing of Prosus on Euronext Amsterdam and JSE". Jul 19, 2019. Retrieved Oct 24, 2022.
  8. ↑ "Prosus debut creates €120bn European tech giant". Financial Times. 11 September 2019.
  9. ↑ "Naspers, Prosus launch share swap deal to shrink S.Africa discount". Reuters. 2021-05-12. Retrieved 2021-07-13.
  10. ↑ "Our portfolio". www.prosus.com. Retrieved 2024-08-12.
  11. ↑ "prosus 2022 annual report" (PDF). Retrieved 25 September 2023.
  12. 1 2 "Prosus to acquire remaining stake in iFood from Just Eat". Prosus. Retrieved 2022-08-20.
  13. ↑ Dummett, Ben (2 June 2021). "Stack Overflow Sold to Tech Giant Prosus for $1.8 Billion". Wall Street Journal. Retrieved 2 June 2021.
  14. ↑ Singh, Manish (30 September 2020). "Prosus Ventures leads $13 million investment in Pakistan's ride-hailing giant Bykea". techcrunch.com. Retrieved 30 September 2020.
  15. ↑ Jolanda van de Beld (12 July 2021). "Gouden aankoop brengt Prosus in de problemen". NRC (in Dutch). Retrieved 2021-07-13.
  16. ↑ Pijpker, Joost (19 December 2019). "Takeaway overtreft bod Prosus voor Just Eat". NRC (in Dutch). Retrieved 2021-07-13.
  17. ↑ "Prosus to write off $700 mln stake in Russia's VK Group". Reuters. 7 March 2022.
  18. ↑ "Directors resign from VK board". Directors resign from VK board. Retrieved Oct 24, 2022.
  19. ↑ Pikuła, Rafał (18 March 2022). "Firma powiązana z Grupą OLX pomaga w rekrutacji do rosyjskiej armii. Z rynku wycofać się nie chce". wyborcza.biz (in Polish). Retrieved 2022-03-18.
  20. ↑ Khumalo, Sibongile. "'Too early' to decide fate of Naspers-owned Russian classified ads business". Fin24. Retrieved 2022-03-18.
  21. ↑ Sterling, Toby (October 14, 2022). "Prosus to sell Russian classifieds business Avito to Kismet for $2.4B". Reuters.
  22. ↑ Ch, Prashanth; CEO, rasekar (2021-06-02). "Prosus's Acquisition of Stack Overflow: Our Exciting Next Chapter". Stack Overflow Blog. Retrieved 2021-06-24.
  23. ↑ Salter, Jim (2021-06-03). "Stack Overflow sold to tech investor Prosus for $1.8 billion". Ars Technica. Retrieved 2021-06-24.
  24. ↑ "Prosus to acquire majority stake in GoodHabitz". Prosus to acquire majority stake in GoodHabitz. Archived from the original on 2021-06-24. Retrieved 2021-06-24.
  25. ↑ "Prosus acquires GoodHabitz for $257M - AIM Group". aimgroup.com. Retrieved 2021-06-24.
  26. ↑ "Just Eat Takeaway soars on $1.8 billion iFood stake sale to Prosus". Reuters. 2022-08-19. Retrieved 2022-08-20.

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