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South-African company buys Mail.ru Internet portal · 2007-01-24 12:16

nameSouth-African Naspers Limited will buy 30% in the Russian Mail.ru Internet portal for $165 million, the company announced Tuesday. A stake in a major Internet portal is the perfect way to enter the Russian media market, which the South Africans have been striving to do for over a year, experts say.

At the same time, the deal is important for global online portals as their prospects for their gaining good footing in Russia have become vague for at least three or five years. The stocks will be bought from Mail.ru's co-owners, Russia's Digital Sky and U.S. Tiger Global Management. The two companies will become Mail.ru's minority shareholders.

According to Kommersant, Mail.ru provides Internet and communication services for Russian speakers worldwide. 24 million people go on to Mail.ru every month. Mail.ru earned 17.3 million in 2005 with net profits at $3.1 million.

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