March 5, 2020
OLX Brazil, an online real estate advertising firm owned by Norway's Adevinta and the Netherlands' Prosus, has agreed to spend BRL2.9 billion ($633 million) to buy competitor Grupo ZAP.
Adevinta and Prosus will finance the acquisition in equal parts, with the Norwegian firm covering it shares with "existing bank facilities," the Oslo-based online classifieds company said in a statement.
According to the Interactive Advertising Bureau (IAB), the advertising sector in Brazil moved BRL16.1 billion
Brazilian online real estate advertising firm agrees to spend $633 mln to acquire local rival