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The UK entrepreneurs behind the launch of Gumtree have sold off their latest venture, a classified advertising site for Eastern Europe.Slando, set up by Michael Pennington and Simon Crookall, has been bought by Africa's largest media group, Naspers. Mr Pennington and Mr Crookall set up Gumtree in 2000 after deciding that Londoners needed a classified ad website focusing on homes. The US auction giant also backed Slando, taking a 20 per cent stake in the venture.It has 11 million users in Russia and Eastern Europe and 1.5 million adverts were posted on its websites in July.Among the more unusual items offered for sale were a MIG 21 aircraft and an entire oil refinery.The transaction will be made at an equity value of SEK 11.7 billion (approximately

The UK entrepreneurs behind the launch of Gumtree have sold off their latest venture, a classified advertising site for Eastern Europe.Slando, set up by Michael Pennington and Simon Crookall, has been bought by Africa's largest media group, Naspers. Mr Pennington and Mr Crookall set up Gumtree in 2000 after deciding that Londoners needed a classified ad website focusing on homes. The US auction giant also backed Slando, taking a 20 per cent stake in the venture.It has 11 million users in Russia and Eastern Europe and 1.5 million adverts were posted on its websites in July.Among the more unusual items offered for sale were a MIG 21 aircraft and an entire oil refinery.The transaction will be made at an equity value of SEK 11.7 billion (approximately $1.8 billion), Kinnevik said in a statement.

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The UK entrepreneurs behind the launch of Gumtree have sold off their latest venture, a classified advertising site for Eastern Europe.

Slando, set up by Michael Pennington and Simon Crookall, has been bought by Africa's largest media group, Naspers. Mr Pennington and Mr Crookall set up Gumtree in 2000 after deciding that Londoners needed a classified ad website focusing on homes. The US auction giant also backed Slando, taking a 20 per cent stake in the venture.

It has 11 million users in Russia and Eastern Europe and 1.5 million adverts were posted on its websites in July.

Among the more unusual items offered for sale were a MIG 21 aircraft and an entire oil refinery.

.8 billion), Kinnevik said in a statement.

The Aim Group quotes a Kommersant-Ukraine newspaper as saying that Naspers is now “the most influential online classified company in the Ukraine”.

The pair set up Slando in 2006, and users can post adverts on it for everything from property sales to dating and jobs.

The London-based site is active in 10 Eastern Europe countries, Portugal and Brazil.

Slando is the creation of Michael Pennington and Simon Crookall, who also founded the massively successful online classifieds site Gumtree, which was bought by e Bay in 2005.

Pennington and Crookall sold Slando to Naspers’ investment arm, commonly known as MIH (but also known as Myriad Internet Holdings).