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Netherlands-based technology investor Prosus has decided to divest its Russian online marketplace, Avito, amid the ongoing geopolitical conflict in the region.
Avito is part of Prosus’s larger OLX Group and currently has 4,000 employees.
The Moscow-based business is estimated to be valued at approximately $6bn.
In a statement, Prosus said: “On 25 March, we announced the separation of the Russian classifieds business Avito from our OLX Group.
“Following completion of this operational separation, Prosus has now decided to exit the Russian business.
“We have started the search for an appropriate buyer for our shares in Avito.”
The plan for divestiture comes after Avito said in March that it would continue to support all its colleagues through the uncertain time.
Later that month, however, the company confirmed that OLX Group had decided to end all involvement in its Russian operations.
Once sold, the business will continue operating as a standalone business run by Russian management.
In a statement, Prosus said: “The separation process is underway which will decouple the companies into two independent entities.
“Avito will operate as an independent Russian entity run by a local management team and governed by its own Board of Directors.
“Prosus will have no day-to-day involvement in the operations of the business and will neither invest further nor seek to benefit economically from the interest in Avito in these circumstances.”
Prosus also plans to write off the value of its 27% stake in Russian social media platform VK for $769m.
The Dutch firm is majority owned by South African holding company Naspers.
Earlier this month, Turkish shoe retailer FLO Magazacilik held discussions to acquire stores owned by fitness footwear and clothing manufacturer Reebok.
FLO chairman Mehmet Ziylan confirmed to Reuters that a deal was yet to be finalised, but refuted claims that the company had already taken over the Reebok stores.