Naspers portfolio: Tencent, JET, Delivery Hero and other holdings

analysisNaspers's website describes its portfolio as more than 80 investments across more than 100 markets, filterable by category (Classifieds, Food Delivery, Payments, Edtech and Ventures) and by type of holding (wholly owned companies, controlled investments and non-controlled investments). A market-data aggregator's company profile describes Naspers as operating and investing through its subsidiary Prosus, lists its segments as Food Delivery, Classifieds, Payments and Fintech, Edtech, Etail, Other e-commerce (Ventures), Media24, and Social and Internet platforms, notes Prosus's investment in Tencent and states that the group includes local consumer internet companies in approximately 100 countries. In its JSE announcement of 29 June 2026, Naspers describes itself as one of the foremost investors in South Africa's technology sector and names its South African internet and ecommerce companies as Takealot, Mr D Food, Autotrader, Property24 and PayU, in addition to Media24, which it calls South Africa's leading print and digital media business. An earlier record of the group's holdings is Naspers's homepage as archived on 14 February 2017, which displayed logos of group companies and investments including eMAG, Avito, PayU, Mail.ru Group (later renamed VK), MultiChoice Africa, M-Net, SuperSport, MultiChoice, MakeMyTrip, Media24, Novus Holdings, Tencent and Udemy. ^{1 2 3 4 5}

analysisNaspers acquired a 46.5% stake in the Chinese internet company Tencent in 2001. An online encyclopedia entry dates the purchase to May 2001 and names early investors including PCCW and IDG Capital as sellers; a news report of 18 September 2023 gives the same 46.5% and describes the deal as an investment made by Koos Bekker, whom it calls the current chairman of Naspers. The amount paid is unresolved in the retained records: the September 2023 news report states that Bekker paid US$34 million for the 46.5% stake, while the encyclopedia entry describes Naspers's initial investment in Tencent as US$32 million. Neither figure comes from a Naspers record in the retained material, and neither source explains the difference. ^{1 2}

analysisLater records describe the stake as follows. A news report of 18 June 2008 on Tencent's agreement with MIH India stated that Naspers, the parent company of MIH India, owned a 35.5% stake in Tencent. According to the online encyclopedia entry, Naspers sold part of its Tencent stake in March 2018, raising some US$10 billion to fund other investments, and the initial investment of US$32 million was then valued at more than US$175 billion; these amounts are the encyclopedia's, and no Naspers announcement of the March 2018 sale is in the retained record. The September 2023 news report states that, before the current structure, Naspers owned a third of Tencent, and that Bob van Dijk oversaw the decision in 2019 to split off the Tencent holding and other technology holdings into Prosus. A news report of 20 May 2022 described a 28.9% stake in Tencent as Prosus's biggest asset and stated that Prosus is controlled by Naspers, and a news report of 17 May 2024 on the appointment of Fabricio Bloisi as chief executive of Prosus and Naspers described Prosus's 26% stake in Tencent as the main asset of the two companies. Naspers's summary of its integrated annual report for the year to 31 March 2026 states that the group trimmed its Tencent position by 0.9% to fund the Prosus share-repurchase programme, producing a gain of US$4.7bn in the year (FY25: US$6.0bn), and that at 31 March 2026 the group retained a 22.66% interest in Tencent. ^{3 1 2 4 5 6}

analysisA technology newsletter of 17 September 2025 wrote that most of Naspers's valuation comes from its roughly 23% stake in Tencent, which it said was valued at approximately US$760 billion, while Naspers itself was valued at only US$53 billion, a gap that it said 'tends to raise eyebrows'. This is the publication's own valuation comparison and comment: the figures are not taken from a Naspers record and the dates of the market values are not stated. No response by Naspers to the newsletter was found in the retained record. In its later announcement of the results of the annual general meeting of 27 August 2026, Naspers states that the combined holding-company discount of Naspers and Prosus stayed at around 43% in FY26 and that closing this gap is a strategic board priority in FY27; it does not give the market values used by the newsletter. ^{7 8}

analysisTencent has also bought from the group. Naspers's 2014 annual financial statements state that in July 2012 the group sold 49% of its investment in Level Up! International Private Holdings to Tencent Holdings Limited for R221.7m in cash and granted Tencent an option over a further 18%, which could raise its stake to 67% with management control. Tencent exercised the option in January 2014; the group received R103m and recognised a R25m gain on the sale of its investment in the associate. ⁹

analysisProsus's 2019 listing announcement states that on 5 September 2019 Naspers announced the completion of the exchange of its stake in MakeMyTrip Limited for a 5.6% stake in Ctrip.com International Limited, an online travel services provider headquartered in China. An amended Schedule 13D filed with the US SEC states that, at the closing on 30 August 2019 of a share purchase agreement dated 26 April 2019 among the issuer, MIH Internet SEA Private Limited and MIH B2C Holdings B.V., MIH Internet SEA and, indirectly, Naspers became beneficial owners of 4,108,831 ordinary shares of Ctrip.com International, now Trip.com Group Limited. In the amended Schedule 13D dated 10 February 2023, MIH Internet SEA Private Limited, MIH Internet Holdings B.V., Prosus and Naspers reported beneficial ownership of 30,007,616 ordinary shares of Trip.com Group Limited, or 4.7%, of which MIH Internet Holdings B.V. held 30,007,608 and MIH Internet SEA Private Limited 8 of record. The filing was the reporting persons' final amendment and an exit filing, because they had ceased to own more than 5% as a result of additional share issuances by the issuer and share transfers in an internal reorganisation. ^{1 2}

analysisNaspers's summary of its integrated annual report for the year to 31 March 2026 states that the group invested US$8.0bn through M&A in FY26, with key acquisitions of Despegar (closed in May 2025, US$1.8bn), JET (closed in October 2025, €4.2bn or US$4.9bn, including additional settlement arrangements under the closing conditions) and La Centrale, which it calls France's top motor classifieds platform (closed in November 2025, €1.1bn or US$1.3bn). The same report states that in FY26 the group divested non-strategic businesses for US$2bn, including its stakes in Udemy, Remitly and other smaller investments, and reduced its position in Meituan by US$848m over the past 12 months. ¹

analysisA news report of 17 April 2026 states that Naspers completed its acquisition of Just Eat Takeaway.com (JET) through Prosus in October of the previous year, when the offer became unconditional, and that at €4.1bn it was Prosus's largest investment and its second attempt to acquire the company; Naspers's FY2026 report gives the price as €4.2bn (US$4.9bn), including additional settlement arrangements under the closing conditions, and dates the closing to October 2025. On the earlier attempt, the same news report states that in 2020 Naspers failed to secure a bid for Jet, losing to Takeaway.com, which paid US$8bn, and that Prosus's £5bn bid, about R98bn at the time, was seen as a sign of a strategy to build a bigger food delivery business to compete with Uber Eats and Deliveroo. ¹

analysisThe terms of the 2025 offer and of the squeeze-out that followed are set out in the judgment of 30 June 2026 of the Enterprise Chamber (Ondernemingskamer) of the Amsterdam Court of Appeal. According to the judgment, MIH Bidco Holdings B.V. (MIHB), an indirect wholly owned subsidiary of Prosus, signed a merger agreement with JET on 24 February 2025 and on 19 May 2025 made a public offer, under an offer document approved by the Dutch Authority for the Financial Markets (AFM), for all JET shares, ADSs and CDIs at €20.30 per share and per CDI and the US-dollar equivalent of €4.06 per ADS. MIHB stated, as confirmed in the offer document, that Prosus, MIH Internet Holdings B.V. and MIH e-commerce Holdings B.V. were also designated as offerors and that none of these group entities held JET shares, ADSs or CDIs when the offer was made. In the judgment (case 200.364.192/01 OK, ECLI:NL:GHAMS:2026:1742), the Enterprise Chamber granted MIH Bidco Holdings B.V.'s squeeze-out claim under article 2:359c of the Dutch Civil Code against JET, Deutsche Bank Trust Company Americas, CREST Depository Limited, CREST International Nominees Limited and all other unnamed holders of JET shares, none of whom appeared. The court found an acceptance level of 97.77%, held that the offer price of €20.30 per share was presumed fair, set the reference date at 21 October 2025 (the settlement date after the post-acceptance period, when the 95% threshold was reached) and ordered the remaining shares transferred to MIH Bidco at €20.30 per share plus statutory interest from that date. ²

analysisNaspers's FY2026 report states that, as part of securing European Commission approval for the JET acquisition, Prosus committed to significantly reduce its equity stake in Delivery Hero within 12 months to a specific maximum percentage that ensures it is no longer Delivery Hero's largest shareholder; news reports state that the approval was given on 11 August 2025 and that Naspers offered to reduce its 27.4% stake to below a specified low percentage. The report states that on 29 May 2026 the Commission extended the 12-month period, taking account of a possible tender offer for Delivery Hero by Uber and potentially other bidders, and that the extended date is confidential. It also states that from August 2025 the group lost significant influence in Delivery Hero and stopped equity accounting the investment, and that Prosus held a non-controlling minority interest of 26.62% in Delivery Hero at the end of the reporting period. ^{1 2 3}

analysisIn April 2026 Prosus agreed to sell about 13.58 million Delivery Hero shares, a 4.5% stake, to Uber Technologies at €20 per share, about €270m, as a step towards its European Commission commitment, according to a news report of 17 April 2026, which cites Prosus as putting the price at a premium of about 22% to the one-month volume-weighted average price. The report states that Prosus's interest would fall from 26.3% to 21.8% of Delivery Hero's issued share capital and quotes Prosus as saying it 'remains committed to completing the sale of the remainder of its stake in Delivery Hero within the required regulatory timeframe'; its starting figure of 26.3% is not reconciled in the retained record with the 26.62% that the FY2026 report gives for the end of March 2026. On 11 May 2026 Prosus sold a 5% interest in Delivery Hero, about 15.19 million shares at €22 per share, to Aspex Management for €335m (about R6.5bn) as part of its commitment to the European Commission, according to a news report of that date; the price was a 10% premium to the closing price and a 22% premium to the 30-day volume-weighted average price as of 8 May. Naspers's FY2026 report states that the April and May 2026 sales to Uber and Aspex Management covered 28 770 626 Delivery Hero shares, about 9.5% of Delivery Hero's issued share capital, for total proceeds of about €605m (US$713m). A market-data aggregator's list of Naspers JSE announcements shows a later headline of 16 July 2026, 'Prosus gives Irrevocable Undertaking to sell residual stake in Delivery Hero to Uber'; the text of that announcement is not in the retained record. ^{1 3 4 2}

analysisNaspers's FY2026 report states that OLX grew revenue by 28% (16% in local currency excluding acquisitions and disposals, the basis of the bracketed figures that follow) to US$992m from US$777m in FY25, that its aEBITDA of US$481m was up 53% (38%) with an 8 percentage-point margin expansion to 48%, and that its aEBIT was US$427m, up 56% (40%). The same report states that OLX's three core categories, motors, real estate and jobs, made up 71% of its FY26 revenue: motors revenue grew 42% (20%) to US$429m with aEBITDA margins of 59%, real estate grew 26% (24%) to US$185m with margins of 46%, and jobs grew 14% (7%) to US$87m with a margin of 43%. It states that La Centrale has been integrated into OLX since November 2025. ¹

analysisIn India, Naspers's FY2026 report states that during the year the group added a 16.24% interest in the Indian online travel agency ixigo and increased its stake in the ride-hailing platform Rapido to 23.52%, that Prosus held 22.31% of Swiggy at the end of the reporting period, and that Meesho's December 2025 IPO was oversubscribed more than 80 times. It also states that PayU increased its processing of Swiggy's GMV 5x year on year and that PayU's collaboration with Meesho led to a more than 100% increase in loan originations within nine months. ¹

analysisAccording to a news report of 25 November 2025, Naspers and Prosus chief executive Fabricio Bloisi said Prosus had more than 20,000 AI agents deployed across its businesses, doing the jobs of 'a few thousand people', and chief financial officer Nico Marais said AI was already streamlining operations through 'smarter customer support, optimised logistics and personal marketing'. Naspers's FY2026 report states that the group recognised impairment losses on goodwill and other assets of US$482m, primarily related to Stack Overflow and GoodHabitz, which it says are not performing in line with the expectations at their acquisition following the disruption caused by generative AI. ^{1 2}