OLX Brazil entered into an agreement to acquire all shares of Grupo ZAP in cash for a total of R$ 2.9 Billion. OLX Brazil is the joint venture between Prosus NV and Adevinta ASA. The investment will be financed by Prosus NV and Adevinta ASA equally. OLX Brazil and Grupo ZAP are the ‘most relevant’ entities in the online real estate advertising segment in Brazil. The merger will allow for a better and larger range of services with a broad database of properties.
“OLX Brazil and Grupo ZAP are at the forefront of helping players along the Real Estate value chain become more digital.
The transaction will boost OLX Brazil’s capabilities to drive innovation and develop a superior customer experience, ultimately making buying, selling and renting real estate in Brazil much safer, simpler and more efficient for all players involved,” says Andries Oudshoorn, CEO of OLX Brazil.
Rolv Erik Ryssdal, CEO of Adevinta, comments: “Expanding in territories where we see significant growth opportunities is a key pillar of Adevinta’s strategy. The large Brazilian real estate market has low penetration of online listings and is poised for a migration to digital. I am delighted to see OLX Brazil strengthening its position in the real estate vertical in order to capture part of the upcoming growth potential.”
Martin Scheepbouwer, CEO of OLX Group, the classifieds business of Prosus, says: “We are excited to take our partnership in Brazil into a new stage of growth. The acquisition of Grupo ZAP promises to advance the real estate sector in Brazil, and develop technology that better serves all our customers. We already have a strong presence in the online real estate market in Europe, South Africa and other Latin American countries, and we look forward to exploring further growth opportunities in Brazil.”