The 11.77% stake that Iulian Stanciu is selling to Prosus would be worth around 500 million euros (about 505 million dollars), at the group’s latest price benchmark – an acquisition of a minority stake recorded in the Prosus annual report. The 11.77% stake in Dante Internaţional – the company behind eMAG that Iulian Stanciu is selling to the Prosus group could be worth around 500 million euros – about 505 million dollars -, taking into account the latest eMAG share transaction reported by Prosus. In the fiscal year ending March 31, 2025, the group bought 0.21% of Dante International for $9 million, which implies a valuation of eMAG of about $4.3 billion. You may also be interested: ZF sent questions to Iulian Stanciu about the value of the transaction, but did not receive a response by the time of publishing this news. The company behind eMAG is Dante International SA, controlled by the Prosus group (formerly Naspers) through the vehicle MIH B2C Holdings BV. According to public data, the capital is divided into 1,566,421 shares, of which Stanciu owns 184,319 – i.e. 11.77%. The figure is independently confirmed by the Prosus annual report, which indicates an effective participation of the group in Dante International of 88.23% on March 31, 2025 (88.02% a year before) – the difference of 11.77% being exactly Stanciu’s package. Stanciu’s participation was gradually diluted during several capital increase rounds in which he no longer participated. What appears in the documents, step by step Prosus, the technology group that holds the majority control of eMAG, bought in fiscal year 2025 a 0.21% stake in the shares of Dante International – the company that operates eMAG – for the sum of $9 million, according to Prosus’ annual report for the financial year ended March 31, 2025. The transaction shows an implied valuation of the entire eMAG company of approximately $4.286 billion. By comparison, in the previous fiscal year, Prosus bought a larger 6.57% stake in Dante International for $165 million, which then indicated a valuation of around $2.5 billion for eMAG. The Prosus report shows that eMAG had, in fiscal year 2025, a consolidated revenue growth of 11%, up to 2.5 billion dollars, from 2.2 billion dollars in the previous year. The advance was supported mainly by the e-commerce business in Romania, but also by emerging segments, such as logistics – through Sameday – and the delivery of food products and other consumer goods. The company reported adjusted operating profit (aEBIT) of $14 million, compared to a loss of $26 million the previous year, an improvement of $40 million. Adjusted EBITDA rose to $84 million from $38 million, representing a 3% margin. Sameday, the group’s courier division, posted a 33% increase in revenue, supported by demand from Romania and Hungary and expansion into the Bulgarian market, but reported an aEBIT loss of $9 million. Freshful, the food delivery service, had a 32% increase in revenue in local currency, with an improvement in operational profitability. In January 2025, eMAG completed the sale of the Tazz food delivery division, part of the group’s strategy to restructure its e-commerce business portfolio. According to Prosus, eMAG is the second most valuable brand in Romania, after Dacia, according to Brand Finance, with a recommendation score (NPS) of 70%. The company operates in Romania, Hungary and Bulgaria, markets with a combined population of over 36 million inhabitants and a cumulative GDP of approximately 714 billion dollars. In the Dante International shareholders’ meeting of September 22, 2023, details of which appeared in the Official Gazette, the capital was increased with 31,912 new shares, fully subscribed by MIH B2C Holdings, which paid 50 million euros (of which an issue premium of 248.5 million lei). This results in a price of approximately 1,567 euros per share and an implied valuation of the company of approximately 2.4 billion euros. At this price, Stanciu’s 184,319 shares are worth €289 million. The entrepreneur already has an extensive portfolio of investments outside of eMAG. It owns 95% of the shares of the retailer Flanco, controls through Inspire Asset Management a 32.9% stake in the oil drilling company Foraj Sonde Videle (FOJE), acquired in October 2024 from Sever-Florian Raicu for about 47 million lei. It is also one of the main investors of the private equity fund Morphosis Fund II, together with the European Investment Fund and the EBRD, a fund that has already invested in Mark Twain International School and in the retailer La Cocoş. Stanciu also placed capital in other investment vehicles, such as Booster Capital, BoldMind, V7 Capital, Integral Capital Group and the global Endeavor fund. In 2020, Stanciu left the H Brewery, a business in which he owned 25% together with Vlad Dumitru and Ioana Iancu, an entry made a decade before the opening of the restaurant in Herăstrău Park. ZF sent questions to Iulian Stanciu regarding the value of the transaction. «Lawyers and internal experts were involved in the transaction, as well as the law firm Bondoc&Associatii. The value of the transaction is confidential,» Iulian Stanciu told ZF.
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