Dubai – Mubasher: OLX Group, a subsidiary of South Africa-based investor Naspers, announced that it has acquired the remaining 49% stake in UAE-based online classifieds website dubizzle for $190 million.
Dubizzle’s value stood at $400 million after the acquisition, according to the interim shareholder’s report.
“This step is a testament to the amazing decade dubbizle had in this region. The co-founders also felt that dubizzle is in good hands to move forward to continue its development under OLX Group,” Barry Judge, general manager at dubizzle UAE, said.
In 2013, OLX bought 51% controlling stake in the UAE’s Dubizzle for $120 million.
Founded in Dubai in 2005, Dubizzle allows users to advertise goods or services.
Dubizzle is operating in eight countries across the Middle East and North Africa (MENA) including Egypt, Lebanon and Saudi Arabia.
The acquisition comes along with Naspers’ plan to boost its global presence in classifieds, payments and food-delivery verticals in the MENA region.
