---
title: "Naspers: acquisitions, disposals and the operating portfolio"
language: en
canonical: https://dossiertwist.com/dossiers/naspers/portfolio-transactions-and-operating-businesses/
as_of: 2026-09-21
keywords: ["Naspers","Prosus","voting control","Nasbel","Keerom","Wheatfields","Takealot","PayU","Media24"]
---

# Naspers: acquisitions, disposals and the operating portfolio

**Question.** Which parts of the old portfolio still belong in a current account?

**Answer.** Completed acquisitions and disposals change the relevance of older investment schedules. Business metrics and retained stakes must keep their reporting date and legal scope.

## Completed acquisitions and disposals change the old portfolio

- Analysis: The FY26 report records US$8.0 billion deployed in acquisitions, including Despegar in May 2025 for US$1.8 billion, Just Eat Takeaway.com in October for approximately €4.2 billion including additional settlement arrangements, and La Centrale in November for €1.1 billion. Non-core disposals realised US$2 billion, including exits from Udemy and Remitly and a reduction of the Meituan position. The sale of PayU’s European Global Payment Organisation operations closed in November 2025. [s-d17]
  - Qualification: A previously announced €4.1 billion JET offer and the later €4.2 billion closing consideration are differently defined figures. The PayU transaction does not mean all PayU businesses or India operations were sold. Old portfolio pages and SEC ownership schedules remain historical after documented disposals.
  - Outcome: Naspers financed its own continuing buybacks by selling Prosus shares. The report’s cumulative buyback figures run from the programme’s start through March 2026; they are not one-year purchases. The last OLX Autos operation was sold in August 2025.

## The main operating businesses and different reporting scopes

- Analysis: The FY26 businesses had different profit profiles. iFood reported US$400 million adjusted EBITDA and US$358 million adjusted EBIT; OLX reported US$992 million revenue and US$427 million adjusted EBIT. Takealot Group reported US$1 billion revenue and its first full-year adjusted EBIT profit, US$11 million, comprising US$7 million at Takealot.com and US$4 million at Mr D. PayU India reported US$781 million revenue and US$18 million adjusted EBITDA but still a US$10 million adjusted EBIT loss. [s-d17] [s-d64] [s-d85] [s-d86] [s-d87] [s-d233]
  - Qualification: Gross merchandise value is not revenue: Takealot’s US$2 billion GMV must not be substituted for its US$1 billion revenue. Positive PayU adjusted EBITDA does not erase its adjusted EBIT loss. Company-reported scale, user counts and AI benefits are attributed business descriptions, not independently measured outcomes.
  - Response: The group describes a broader operating model combining payments, delivery, advertising and travel. Its Indian portfolio included a 16.24% ixigo interest and a 23.52% Rapido interest, while Meesho completed an IPO in December 2025. It reports all three India payment-aggregator licences: online, offline and cross-border.
  - Outcome: For FY27 iFood anticipated substantially lower adjusted EBITDA while investing against competition. JET’s total order volumes still declined 7% despite growth in some pilot cities; management’s expected turnaround is a forecast, not an achieved result.

## The Superbalist disposal and stale group lists

- Analysis: Naspers’ interim financial statements for the six months ended 30 September 2024 confirm that the group sold its interest in Superbalist during that period. The report identifies the online apparel and footwear retailer among subsidiary disposals. The retail site’s later legal terms name its operator as Fashion United SA (Pty) Ltd, trading as Superbalist.com, South African registration 2017/007569/07. [s-d395] [s-supp-review-superbalist-disposal]
  - Qualification: The report establishes the disposal period, not an exact completion day. Older group privacy, recruitment and security-contact lists may describe a former portfolio relationship and cannot by themselves establish continuing ownership.
  - Outcome: Superbalist is retained as a historical portfolio business. Its later appearance beside Takealot or Mr D in a shared notice does not reverse the disclosed disposal.

## Sources

- [s-d17] Company statement source · s-d17
- [s-d64] Company statement source · s-d64
- [s-d85] Company statement source · s-d85
- [s-d86] Other source · s-d86
- [s-d87] Other source · s-d87
- [s-d233] Media source · s-d233
- [s-d395] Company statement source · s-d395
- [s-supp-review-superbalist-disposal] Company statement source · s-supp-review-superbalist-disposal