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Key Points
- The tech investment giant repurchased nearly 5 million shares in early February as part of efforts to boost shareholder value.
- Since June 2022, the firm has repurchased over 25% of its free float, lifting NAV per share by 10% and improving liquidity for investors.
- The company is expanding in fintech, social media, and food delivery while selling non-core assets, including a $743 million Trip.com stake sale.
Prosus N.V., the global internet group chaired by South African billionaire Koos Bekker, has spent $196 million buying back nearly 5 million of its own shares in early February. The move is part of a broader effort to return capital to shareholders and lift the company’s stock value.
Between Feb. 3 and Feb. 7, the Dutch-listed tech investment firm repurchased 4,990,388 shares at an average price of €37.94 ($39.26) per share, totaling €189.3 million ($196.1 million), according to a company statement released Tuesday.
The buyback program, launched in June 2022, covers both Prosus and its South African parent company, Naspers. The goal is to simplify the company’s capital structure while improving liquidity for investors.
Prosus buybacks unlock billions in value
Prosus is one of the world’s largest tech investors, with stakes in e-commerce, food delivery, and fintech. It has also made significant bets on artificial intelligence, logistics, healthcare, blockchain, and enterprise software.
Bekker, known for turning a $34 million investment in Tencent in 2001 into a stake now worth over $460 billion, has helped shape Prosus into a major force in global tech investments. The company has steadily expanded its presence in Europe, building strong positions in firms like Germany’s Delivery Hero SE.
As of Nov. 29, 2024, Prosus had repurchased 25 percent of its free float and 22 percent of Naspers’s free float, creating more than $36 billion in shareholder value. The buybacks have also increased Net Asset Value (NAV) per share by 10 percent for Prosus.
Prosus targets Europe with $20 billion investment
While continuing its buyback program, Prosus is also looking ahead, with plans to invest nearly $20 billion in Europe. The focus is on strengthening its position in fintech, social media, edtech, and food delivery.
At the same time, the company has been selling off non-core assets to sharpen its focus. In September 2024, Prosus sold its stake in Trip.com for $743 million, shifting its attention toward high-growth opportunities. Then in December, it made a bold move with a $1.7 billion acquisition of Despegar, Latin America’s largest online travel agency.
The deal, valued at $19.50 per share, came at a 33 percent premium to Despegar’s Dec. 20 closing price and a 34 percent premium to its 90-day volume-weighted average price—highlighting Prosus’s push to expand its global footprint.
