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OLX Brazil In $642M Deal To Buy Competitor

By  |  March 4, 2020

Online marketplace OLX Brazil has agreed to buy competitor Grupo ZAP for 2.9 billion reais ($642 million), forming a leading Brazilian player in digital real estate advertising, OLX and its European owners said.

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    By combining their operations, rapidly growing OLX and ZAP can slash costs and boost earnings margins while providing a broader range of services to the online real estate market, they added late on Tuesday.

    The all-cash transaction, which requires approval from Brazil’s competition watchdog, will be equally funded by OLX’s owners, Norway’s Adevinta ASA (ADEB.OL) and Dutch-listed Prosus NV (PRX.AS), the companies said in a joint statement.

    Full Content: Reuters

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