Ashurst advised existing shareholders Kinnevik, Accel Partners, Baring Vostok Capital Partners, Northzone and the founders, Filip Engelbert and Jonas Nordlander, on the sale of shares in Avito, the leading online classifieds platform in Russia, to Naspers Ltd, the owner of Africa's biggest pay-TV service.

Kinnevik, together with Vostok Nafta, Filip Engelbert and Jonas Nordlander, co-founded Avito in 2007. Initially investing in Avito in 2013, Naspers is increasing its stake from 17.4% to 67.9% on a fully diluted basis. The implied valuation of Avito in the transaction is US$2.7 billion.

The Ashurst team was led by partners Pontus Bergsten and Martin Börresen, assisted by senior associate Erica Hegerin, and associates Joachim Funariu and Andreas Hallbeck.