South African investment firm Naspers through its subsidiary OLX Group has acquired UAE-based online classifieds website, dubizzle for US$190 million.
Naspers which already had a 51 per cent stake in the company acquired the remaining 49 per cent at a US$400 million valuation according to Wamda.
“In April 2018 the group acquired the share capital held by non-controlling shareholders of its subsidiary Dubizzle Limited (Dubizzle) for US$190m. Following the acquisition, the group holds a 100% effective interest in Dubizzle.” – Naspers interim Results FY19
“This step is a testament to the amazing decade dubizzle 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,” said Barry Judge, general manager at dubizzle UAE.
Founded in Dubai 2005 by J.C. Butler, Sim Whatley, dubizzle is an online platform that enables individuals to sell, buy, or find products in their cities and currently operates across the Middle East and North Africa (Mena) region including Egypt, Lebanon and Saudi Arabia.
The founding partners sold their majority stake to Naspers back in 2013 for US$120 million and left the company.
In 2017, dubizzle acquired two Dubai based companies – Masterkey, a software and services developer for real state business firms and Airlist, a platform built by Masterkey that connects real estate professionals and later on acquired Expat Wheels and Wecashanycar, both of which are Dubai based companies.
Naspers is one of the largest technology investors in the world, with investments in payments and fintech, online food delivery, online travel, social and internet services, education, and health spanning more than 120 countries and markets.
Image Credits: Innovation Village