Process to sell Russian business Aviton to Kismet for $2.4B.

AMSTERDAM, Oct 14 (Reuters) – Dutch-based technology investor Process ( PRX.AS ) agreed on Friday to sell Russian online marketplace Aviton to Kismet Capital Group for 151 billion rubles ($2.46 billion).

Avito was one of Pross’s most significant investments, valued at around $6 billion, before Russia invaded Ukraine in February, prompting the company to cut ties and seek asset sales.

The buyer, the Russian investment company Kismet, is founded by the former CEO of the telecom company Megafon, Ivan Tavrin.

Tavrin said in a statement that the acquisition is in line with Kismet’s strategy to invest in “high-tech market leaders with high growth potential.”

Kismet said it has approval for the deal from Russia’s Federal Antimonopoly Service (FAS) and the State Commission for Controlling Foreign Investment in the country.

The exchange was established by a consortium of banks led by Russia’s state-owned agricultural sector lender Rosselhozbank.

Many Western companies chose to leave the Russian market and took huge financial losses. French food company Danone ( DANO.PA ) said on Friday a deal to take over its dairy business in Russia could result in write-offs of up to 1 billion euros ($972.70 million), Japanese carmaker Nissan ( 7201 T ) said this week, shedding its assets to a $687 million loss. He transferred his assets to Russian territory.

Process and parent South African Naspers ( NPNJn.J ) said the sale would close this month.

“Our goal was to manage the sale of the business in a responsible and organized manner,” Naspers said in a statement.

“We believe that the best outcome will be achieved through this agreement.”

Avito, Russia’s largest online marketplace, has nearly 5,000 employees and 90 million users.

($1 = 61.2750 rubles)

($1 = 1.0281 EUR)

Reporting by Toby Stirling, Editing by Louise Havens

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