LatAm List – OLX Brasil, one of the fastest growing tech companies in Brazil recently acquired 100% of the shares of Grupo ZAP for a total of $640M (R$2.9B). The acquisition will be financed by OLX Brasil’s two existing shareholders, Adevinta and Prosus.
Grupo ZAP, a key player in the online real estate sector in Brazil, will help OLX Brasil strengthen its presence in the market. With the acquisition, OLX Brasil will be able to offer its users more than 12 million listings from more than 40,000 real estate agencies and thousands of private listers.
“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,” said Andries Oudshoorn, CEO of OLX Brasil.
The transaction takes place during a period of high growth for online advertising in Brazil. In 2018, according to the IAB Brasil (Interactive Advertising Bureau), the market represented an estimated investment of $3.57B (R$16.1B), with online classifieds forming just 10% of that.
This acquisition is still waiting for approval from Brazil’s Antitrust Agency (CADE) and finalizing other customary closing conditions.
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