DST to assume full control of Mail.ru upon share swap with Naspers

August 13, 2010 — Fusion DigiNet

Naspers’s (the broad based international media group) subsidiary Myriad International Holdings B.V. (“MIH”) is to take a 28,7% stake in Digital Sky Technologies Limited (“DST”), the internet company that has stakes in stakes in internet world leaders such as Facebook, Zynga and Groupon. The transaction will be effected by Naspers contributing its 39,3% stake in Mail.ru into DST and investing US$388m in cash. Concurrently, Mail.ru management and other minorities will also convert their shares into DST.

Upon the close of this transaction, DST will own over 99,9% of Mail.ru. Mail.ru is the leading communication and entertainment platform in the Russian-speaking internet world, with over 50m registered email accounts, leading market share in MMO games and one of the leading social networks in Russia.

Naspers and DST have worked closely together over the past three years as co-owners of Mail.ru and today’s transaction will enable them to further strengthen that relationship.

Chief Executive Officer of DST, Yuri Milner, said, “Naspers’s strategic insight has already proven to be valuable in our partnership and we welcome the expertise they will bring to DST. We are delighted to announce this transaction and look forward to creating further value through our relationship.”

Antonie Roux, head of Naspers’s internet operations, commented: “We have known DST and its management for years and we share a similar view and approach. We are excited to strengthen our partnership. This opportunity further expands our exposure to emerging markets and the fast-growing internet sector.”

Location: South Africa, Johannesburg & Russia, Moscow

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