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Dubai-based classifieds platform acquired by Naspers

South African investment firm buys 100% stake in home-grown dubizzle

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South African investment firm Naspers has acquired UAE-based online classifieds website dubizzle for USD 190 million, through its subsidiary OLX Group.

The investment group already owned a 51 percent stake in the company and it acquired the remaining 49 percent at a USD 400 million valuation, according to media reports. The investor stated that it acquired this for USD 190 million in April 2018.

Founded in Dubai 2005, 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 exited after selling their majority stake to Naspers in 2013 for USD 120 million.

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.

Source

Dubai FDI