Big news in the portal world today. Emerging Markets Property Group (EMPG) and OLX Group have announced their merger in Egypt, Lebanon, Pakistan, and the UAE.
The agreement states that OLX Group will contribute operations in the four countries with EMPG and own 39% of the company, making it EMPG’s largest shareholder. The agreement also includes an investment round of $150 million, led by OLX Group and EMPG shareholders. This will bring EMPG’s valuation to $1 billion after the round ends.
EMPG plans to use the funding to develop new technologies and services to support updated user experience, boost data transparency, and increase market insights for both its users and consumers.
Co-Founder, and CEO of EMPG, Imran Ali Khan, said,
“EMPG has grown at a tremendous pace since its inception. Our unique ability to scale using our proprietary tech has aided and enabled this expansion. This deal puts us one step further in our journey towards providing solutions in multiple markets to over a billion consumers around the world, expanding our classifieds offering significantly.”
CEO of OLX Group, Martin Scheepbouwer, says
“I’m proud of what we have built-in these four markets. Our brands are household names, and currently, help tens of millions of people to exchange goods and services every month. The next phase is an exciting one, with EMPG’s real estate industry expertise helping deepen the customer experience. As EMPG’s largest shareholder, we’ll have a front seat to explore how we can scale their services model further – taking our ambition to shape the future of classifieds into its next stage.”
EMPG will handle OLX’s platforms, develop and launch new real estate services, and offer consumers a better user experience through all categories offered.