SOLD! Vatera.hu, Hungary’s Leading Online Marketplace, Bought by Naspers Limited

Concorde Securities (Budapest) in cooperation with Aelios Finance, its fellow French M&A International Inc. member firm, advised the Company

Budapest, October 3, 2008 -- iEurope Capital LLC (www.ieurope.com) confirmed today that MIH Internet Europe B.V., a subsidiary of Naspers Limited (NPN), has purchased 100% of Vatera.hu Kft. The lead investor and majority owner, iEurope Fund LLC, also confirmed that the purchase was finalized in September, and includes the non-Hungarian operations as well. Vatera.hu is Hungary’s leading online auction and e-commerce marketplace. Voted Hungary’s e-Commerce Company of the Year in both 2006 and 2007, Vatera.hu was also recognized by Red Herring magazine as one of the top 100 technology companies in the EMEA region in 2007 and 2008.

The transaction generated a gross IRR of 59% and a gross cash-on-cash return of 13.5 times for iEurope Fund LLC. The price was not disclosed.

“The Vatera story is a great example of how private equity investing in Hungary and the Central and Eastern European region can deliver outstanding returns. iEurope worked with the entrepreneur managers and other outside experts to grow this business. Under our guidance, Vatera has developed a multi-disciplined management team with established management processes and a solid marketing focus essential to any consumer-oriented business,” said Laszlo Czirjak, Founder and Partner at iEurope.
“Given that our business building investment model is based not on financial leverage but rather on growing sales and profit margins, the current global credit crisis will only enhance demand for our combination of intellectual and financial capital. We believe that our target industries within the Central and Eastern European region will continue to provide exceptional returns for investors’ portfolios for our next fund,” said Kristina Perkin Davison, Founder and Partner at iEurope.
Concorde Securities (Budapest) in cooperation with Aelios Finance, its fellow French M&A International Inc. member firm, advised the Company and its owners (also including Board member Esther Dyson) on the transaction.