Naspers is the parent company to many well-known brands including Prosus, Property24, Media24, and OLX whose General Manager of Africa, Middle East, and Asia, Sjoerd Nikkelen, stated the company will begin looking into alternative options.
Obviously both Napsers and OLX disagree with the decision and believe that with the company's longstanding record of investment and business practices there is no reason to deny the purchase.
Napsers had aimed for the acquisition of WeBuyCars to push the company into online classifieds, fintech, and digital food delivery throughout worldwide markets.
The tribunal didn't spell out exactly why they chose to deny the purchase but did indicate that Naspers' current relationship with consumers and suppliers played a factor. OLX already has a large market share and has been focusing on growing that share and by purchasing WeBuyCars the company would unfairly dominate the used vehicle market.
OLX has been spending its time building up its market share as much as possible. Last year the company revealed plans to use AI to grow used car market sales and also purchased Aasaanjobs to push into the recruitment space. The denial to acquire WeBuyCars may slow Naspers' efforts