Grupo ZAP, a platform dedicated to the entire process of buying, renting, and selling property, has been officially acquired completely by the joint venture between Adevinta ASA and Prosus NV, OLX Brazil, for approximately $504.9 million.
Now, OLX Brazil will operate under the OLX, ZAP, and Viva Real brands, which will cover all the needs of consumers from users, private advertisers, and professionals throughout the sector.
Speaking on the completion of this acquisition, Andries Oudshoorn, CEO of OLX Brazil, said:
“OLX Brazil strengthens its position in the Brazilian real estate market. Combining with Grupo ZAP will enhance the end-to-end experience for our users, professional customers and strategic partners. Our customers will benefit from integrating DataZAP's data intelligence together with the existing high volume of data from OLX real estate, which positions ZAP as an important source of information with respect to the Brazilian real estate segment. The acquisition will also drive value creation on other strategic verticals within OLX Brazil.”
Oudshoom will continue to head the OLX Brazil operation while overseeing the OLX and ZAP operations through Rio de Janeiro, São Paulo, and regional branches.
The three entities’ specs currently include:
The acquisition also showcases the overall goal for the Brazillian market, as OLX Brazil works towards digitizing and growing the sector with low-interest rates and financing benefits.
Brian Requarth, Founder of Viva Real and former Chairman of Grupo ZAP, said:
“The real estate market is the largest asset class in the world, and is at the beginning of its transformation. The combination of our strengths will bring the Brazilian real estate market into the future. I am sure that OLX Brazil will be able to leverage its strong technology culture and traffic position to accelerate innovation and take ZAP to new heights."