OLX Brazil snaps up Grupo ZAP

OLX Brazil snaps up Grupo ZAP

M&A Equity Loans Brazil Europe

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

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