MILAN (Reuters) - Italian publisher RCS MediaGroup said on Thursday it has sold 54.6 percent in Internet company Dada to Orascom TMT Investments.
RCS MediaGroup will have a “financial benefit” of 58 million euros (50 million pounds) from the sale, the publisher said.
After the sale is completed in August, Orascom will launch a takeover bid for all of Dada, RCS MediaGroup said.
Dada’s market capitalisation was about 63.87 million euros as of Thursday’s stock market close.
Reporting by Jennifer Clark. Editing by Jane Merriman