Leading European classifieds operator Adevinta has divested itself from all Hungarian assets as it followed through with its plan to focus on selected European markets.
Marketplace businesses Jófogás, Használtautó.hu and Autónavigátor have been bought by Hungary's leading real estate classifieds platform Ingatlan.com—with Adevinta CEO Antoine Jouteau commenting that Adevinta had found "the right local buyer" for the businesses.
The terms of the deal were undisclosed though it is understood that the impact of the sale on Adevinta's financials will be immaterial.
The sale represents the final step in a protracted series of strategic divestments by Adevinta since it pivoted its focus to critical markets in France, Germany, Italy, Spain and Belgium/Luxembourg.
No fewer than 13 businesses have been sold since 2020, with Adevinta exiting global markets including the Americas, the United Kingdom and Oceania:
Antoine Jouteau, CEO at Adevinta, said:
"We are pleased to have found the right local buyer in Ingatlan.com, who are extremely experienced in Hungary and well positioned to create strong growth opportunities for their online classifieds business over the long term.
"The completion of the divestiture of our Hungarian marketplaces is another important milestone in the optimisation of our portfolio and the execution of our Growing at Scale strategy, as we continue to focus on our five European markets.
"Adevinta will continue to support the Hungarian business and its employees during the transition, ensuring business continuity for users and customers. We congratulate Ingatlan.com on the acquistion and wish them continued success."
In a short post published on LinkedIn, József Keleti, CEO at Ingatlan.com welcomed the new members of the ingatlan.com group.
"The transaction is a huge leap forward. We are excited to integrate the talented teams of Jófogás, Használtautó.hu and Autónavigátor with Ingatlan.com and work together on our strategic goals. Our users will benefit from the limitless potential of managing their two biggest wealth assets, properties and cars, in one place.
"This is a unique synergy opportunity in the European market. We are grateful for the extraordinary support provided by Adevinta throughout the transaction process."
Ingatlan intends to create a new Group of companies that can "compete with regional, overseas and Far Eastern players who are increasingly active on the domestic market."
Keleti will manage Használtautó.hu and Autónavigátor himself, while Balázs Várkonyi and Gyula Kelemen, founders of Extreme Digital, will lead the development and expansion of horizontal marketplace Vatera.hu—which split off from the eMAG Group earlier this year.
Ingatlan founder David Mészáros commented:
"For these popular online marketplaces, we competed with many multinational giants. With such social platforms, a pattern is beginning to emerge around the world that local governance is more successful than international governance.
We believe that with domestic market knowledge, domestic heart and excellent Hungarian employees, there is plenty of room for development, renewal and world-class work.
I believe that we have now taken a big step forward, the main winners of which will be our customers, business partners and current and future colleagues."