Avito’s major holder Prosus says to sell stake in Russian business

MOSCOW, May 20 (PRIME) -- Russian online classifieds service Avito’s major shareholder Prosus has decided to retreat from the business and is looking for a buyer, Prosus said on Friday in a statement.

“On March 25, 2022, we announced the separation of the Russian classifieds business Avito from our OLX Group. Following completion of this operational separation, Prosus has now decided to exit the Russian business. We have started the search for an appropriate buyer for our shares in Avito,” the statement read.

Prosus is a global consumer Internet group and one of the largest technology investors in the world.

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