Allegro sold for $3.25 bln to private equity firms

South Africa-based Naspers Limited has sold Allegro, Poland’s largest online shopping and auction website, to funds managed by private equity firms Cinven, Permira, and Mid Europa for $3.25 billion. The transaction is subject to standard anti-monopoly consents. Among the reasons cited by the three firms for their acquisition are: the prospects of strong structural growth in the Polish e-commerce market, Allegro’s position as a leading e-commerce platform on the market with cult brand status, and an excellent management team with impressive successes. “Allegro is a great business. It’s the clear leader, well-prepared to take advantage of the development of the e-commerce market through a superb technology platform and excellent reputation among users,” Cinven fund partner David Barker said. Founded in 1999, Allegro has more than 20 million registered users, who make 14 million transactions a month. The Allegro Group includes Ceneo, the most popular price comparison website in Poland. It is based in Poznan and employs 1,275 people.