A South African company just created Europe’s biggest consumer tech group

Naspers, the South African media company that hit the jackpot with an early investment in Tencent, on Wednesday spun out its 31% stake in the Chinese internet group by listing a new company on Amsterdam’s stock exchange.
Called Prosus, the company was worth €95 billion ($105 billion) at listing, making it the biggest consumer tech stock in Europe and the second biggest tech company in the region behind German software group SAP (SAP). Prosus shares soared 26% by the close, boosting its market value to €120 billion ($132 billion). On Amsterdam’s Euronext exchange, only Royal Dutch Shell (RDSA) and Unilever (UL) are worth more.