Avito, a Russia-based operator of online classified advertising, has agreed to merge with two peers, Slando and OLX, owned by South Africa-based media group Naspers.

As part of the deal, Naspers has invested $50m in Avito – the ongoing business – for an 18.6% stake. Avito is now valued at $570m.

In December, Sweden-listed investment company Vostok Nafta said Avito was preparing to sell $50m of shares and its valuation would increase by 55%.

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