Online ad firm OLX Brazil to acquire Grupo ZAP for $642m

Photo by Jae Park on Unsplash

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.

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 and Dutch-listed Prosus NV, the companies said in a joint statement.

While Brazil‘s real estate market is large, the use of online listings to buy and sell property is still in its infancy, said Chief Executive Rolv Erik Ryssdal of Oslo-listed Adevinta.

“Expanding in territories where we see significant growth opportunities is a key pillar of Adevinta’s strategy,” Ryssdal said.

“I am delighted to see OLX Brazil strengthening its position … in order to capture part of the upcoming growth potential,” he added.

The deal, if approved by Brazil‘s CADE antitrust agency, is expected to close in the second half of 2020.

Adevinta is majority owned by Norway’s Schibsted ASA, while Prosus is controlled by South Africa’s Naspers Ltd.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.