Johannesburg - Media group Naspers [JSE:NPN] will buy more than a quarter of one of Russia's top internet firms Digital Sky Technologies (DST) in cash and shares as it bulks up its fast-growing internet unit.

Naspers said on Wednesday it will hand over its 39.3% stake in its Russian unit Mail.ru, which it co-owned along with DST for the past three years.

Along with the shares, it will pay a further $388m for a 28.7% stake in DST, which runs instant messaging platforms and social network sites.

Unlike many of its global rivals which have been battered by the drop in traditional advertising revenue, Naspers has been helped by its 30% stake in Tencent Holdings, China's biggest internet firm.

Naspers, which runs pay-TV channels across Africa and has stakes in internet firms in Asia and Europe, told Reuters last month it was looking to acquire more e-commerce firms in emerging markets.

Russian DST will be the sole owner of Mail.ru following the transaction.

 - Reuters