By Ann Brown
Europe has a new tech giant. Naspers, the South African media company that hit the jackpot with an early investment in Tencent, spun out its 31 percent stake in the Chinese internet group by listing a new company on Amsterdam’s stock exchange. Called Prosus, the company was worth €95 billion ($105 billion) at listing, making it the biggest consumer tech stock in Europe and the second biggest tech company in the region behind German software group SAP. Prosus shares soared 26% by the close, boosting its market value to €120 billion ($132 billion).On Amsterdam’s Euronext exchange, only Royal Dutch Shell and Unilever are worth more.
Story from CNN. Story by Hanna Ziady.
South African company Naspers paid just $32 million back in 2001 for its stake in the Tencent. That investment is now worth €118 billion ($130 billion). It’s a return rivaled only by SoftBank’s $20 million punt on Alibaba in 2000, which secured the Japanese company a stake that’s worth $132 billion. But the windfall gains created a headache for Naspers. It accounted for 25 percent of the combined value of the Click here to read entire article