This follows a review of its strategic investment priorities.
Naspers said Myriad International Holdings B.V., an indirect wholly owned subsidiary of Naspers, has entered into conditional sale agreements for the disposal of NetMed to Forthnet SA — a leading Greek telecommunication company. The agreements place an enterprise value on NetMed of euro;490-million — $760-million or approximately six-billion rand, Naspers said.
The completion of the deal is subject to a number of conditions, including the approval by Forthnet's shareholders of a rights issue to partly fund the acquisition of NetMed. In addition, Forthnet will be required to raise debt funding. The transaction is subject to the risks typical of such capital raising, Naspers added.
Once the majority of the conditions are met and the financial effects of the transaction can be determined, the appropriate announcement will be made by Naspers.
It is anticipated that this transaction will be a category two transaction in terms of the JSE's Listings Requirements.
Shareholders are therefore advised to exercise caution when dealing in the company's securities until a further announcement is made.