OLX Brazil, the leading tech company of Brazil, has announced an agreement to acquire Grupo ZAP for approximately $644 million. The investment will be equally financed by OLX Brazil’s two existing shareholders Adevinta & Prosus.
Grupo ZAP is a leading player in the online real estate classifieds and advertising sector in Brazil. The acquisition will boost the real estate market, offering a better range of services with a broader database of properties across the country.
The major investments and deals by OLX Brazil are mentioned below:
November 2019: OLX Group (OLX), Prosus’ classifieds business, announced its intention to increase its ownership in online car marketplace Frontier Car Group (FCG), becoming the company’s largest shareholder. The company had invested approximately $89 million in FCG to expand its services.
October 2019: OLX Group has announced the acquisition of Inmokey, a software system for the real estate market established in Mar del Plata, Argentina, whose services are used by more than 1,500 real estate agents.
April 2019: OLX Group, has announced a $56 million equity deal with Carousell, one of Asia’s largest and fastest-growing classifieds marketplace. As per agreement OLX Group has acquired 10% stake in Carousell, the companies will merge their operations in the Philippines, to create the best classifieds experience in the country.
About OLX Group
OLX Group, headquartered in Netherlands, is a leading online marketplaces network. OLX Group is a Naspers’ Classifieds business. OLX Group provides platform to purchase, sell and exchange products and services in a safe, intelligent and efficient fashion. The Group operates through more than 20 brands in 5 continents across the globe, including OLX and Properati, among others. The group has more than 5000 employees around the globe.
OLX Brazil, is a 50:50 joint venture between Adevinta ASA and Prosus NV. The company is one of the fastest growing tech companies in Brazil.