JOHANNESBURG, April 11 (Reuters) - South African e-commerce and pay-TV group Naspers will pay 960 million rand ($69 million) to increase its stake in local online retailer Takealot, the companies said in a joint statement on Tuesday.
They did not disclose the size of the stake but Naspers already owns about 40 percent of Takealot, whose other investor is U.S. investment firm Tiger Global Management.
The deal forms part of Naspers’ strategy to invest in internet firms in emerging markets.
Its investments include a stake in Tencent Holdings , which has become China’s largest internet company. Naspers owns about a third of the company.
$1 = 13.8875 rand Reporting by Tiisetso Motsoeneng; Editing by Edmund Blair