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RNS - Adevinta ASA (ADE) - OLX Brazil completes the acquisition of 100% of Grupo ZAP

Company: Adevinta Date: 2020-10-30 Language: English Register to download
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 Adevinta ASA (ADE) - OLX Brazil completes the acquisition of 100% of Grupo ZAP

# Adevinta ASA (ADE) - OLX Brazil completes the acquisition of 100% of Grupo ZAP

\* The transaction supports OLX's mission to reinvent the Brazilian consumer  

model and positions OLX Brazil as a key player in the real estate market  

  

Amsterdam, Oslo and Sao Paulo, 30 October 2020 - OLX Brazil, the 50/50 joint  

venture between Adevinta ASA (OSE: ADE) and Prosus NV (AMS: PRX), announces  

today that it has completed the acquisition of Grupo ZAP, announced in March,  

for a total cash consideration of approximately R$2.9 billion. The investment  

has been equally financed by OLX Brazil's two shareholders. The transaction  

received regulatory approval on 1 October by Cade, the Brazilian antitrust  

authority. As of today, OLX Brazil starts operating in the real estate market  

under the OLX, ZAP and Viva Real brands, with complementary positions to meet  

the different demands of end users, private advertisers and professionals within  

the sector.  

  

CEO Andries Oudshoorn will continue to lead OLX Brazil while overseeing the two  

business units, OLX and ZAP, with operations running through the offices in Rio  

de Janeiro, São Paulo and regional branches. The combined entity will employ a  

total workforce of approximately 1,600 employees focused on reinventing  

Brazilians' consumption model, of which 400 are tech specialists.  

  

Andries Oudshoorn, CEO of OLX Brazil, comments: "With this acquisition, 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."  

  

New structure of the Real Estate vertical  

  

With the acquisition of Grupo ZAP, OLX Brazil takes a leading role in the  

Brazilian online real estate market. Together, OLX, ZAP and Viva Real platforms  

list 14 million real estate ads, with an average of 70 million visits per month  

and more than 40,000 professional clients (real estate agents, brokers and  

developers). In 2019, Grupo ZAP had net revenues of R$232.4 million and EBITDA  

of R$-15.8 million, with an average of 28 million visits per month.  Despite the  

negative impact of Covid-19, Grupo ZAP year-to-date revenues as of September  

2020 are above those of 2019 for the same period, and the company is now already  

EBITDA break-even.  

  

The transaction reinforces the strategic importance and relevance of the real  

estate segment for OLX Brazil and occurs at a time of accelerated digitalisation  

and overall growth in this sector, driven by historically low interest rates  

and attractive financing.  

  

Andries Oudshoorn adds: "The offline marketing spend still represents about 70%  

of the investments made by players in the Brazilian real estate market.  

Therefore, we see huge potential for digitisation in this sector, with numerous  

opportunities to create integrated solutions that make the experience of buying,  

selling or renting properties simpler and safer."  

  

Brian Requarth, founder of Viva Real and former chairman of Grupo ZAP, says:  

"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."  

  

\-End-  

  

Notes to Editor  

  

  

About Adevinta  

Adevinta is a global online classifieds specialist, operating digital  

marketplaces in 15 countries. The company provides technology-based services to  

connect buyers with sellers and to facilitate transactions, from job offers to  

real estate, cars, consumer goods and more. Adevinta's portfolio spans 35  

digital products and websites, attracting 1.5 billion average monthly visits.  

Leading brands include top-ranked leboncoin in France, InfoJobs and Milanuncios  

in Spain, and 50% of fast-growing OLX Brazil. Adevinta spun off from Schibsted  

ASA and publicly listed in Oslo, Norway in 2019. Adevinta is majority owned by  

Schibsted ASA and employs 4,700 people committed to supporting users and  

customers daily. Find out more at Adevinta.com (https://www.adevinta.com/).  

  

About OLX Group and Prosus  

OLX Group is among the world's fastest-growing marketplaces networks, serving  

more than 300 million people every month. Building leading destinations for  

buying, selling, and exchanging products and services, it operates more than 20  

consumer brands including Avito, letgo, and OLX. OLX Group's technology is  

designed to enable safe and convenient transactions, encouraging reuse to help  

give items second, third, or even fourth lives. It's estimated to facilitate  

approximately 17 million trades every month, ranging from cars and furniture to  

electronics and clothing. The Group is powered by a team of 6,000 people working  

from 35+ offices around the world. For more information, visit www.olxgroup.com  

(http://www.olxgroup.com).  

OLX Group is the online classifieds business of Prosus, a global consumer  

internet group and one of the largest technology investors in the world. Prosus  

has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on  

the JSE Limited (XJSE:PRX), and is majority owned by Naspers. For more  

information on Prosus and its companies and investments, please visit  

www.prosus.com (http://www.prosus.com).  

  

About OLX Brazil  

In Brazil since 2010, OLX Brazil has the mission of empowering people to achieve  

their dreams, reinventing the consumption model. The company is 100% digital and  

does so through technology developed locally, helping its users to buy and sell  

almost everything quickly, safely and conveniently. By encouraging reuse, OLX  

Brazil contributes to the reduction of waste, CO2 emissions and encourages the  

use of natural resources, giving items a second, third and even fourth life.  

The acquisition involved the purchase of 100% of the shares of Grupo ZAP. OLX  

Brazil shareholders continue to be two of the main global media and marketplaces  

investment groups: Prosus NV (50%), listed on the Amsterdam stock exchange and  

mostly controlled by Naspers Ltda, and Adevinta ASA (50%), listed on the Oslo  

stock exchange and controlled by the Norwegian group Schibsted.\`£  

  

About Grupo ZAP  

Grupo ZAP is the result of the merger of ZAPImóveis and Viva Real in 2017.  

ZAPImóveis was created in 2000 and is indirectly owned by some of Grupo Globo's  

shareholders  since 2013, while Viva Real, on its turn, was launched in 2009.  

Grupo ZAP has the mission to transform the way the real estate market operates  

through technology. With 26 offices across the country, it has a relevant  

database in the market, developing products, intelligence, services and  

information to generate gains and rightful decisions to parties involved.  

  

Adevinta IR contacts  

Marie de Scorbiac  

Head of Investor Relations  

+33 6 14 65 77 40  

ir@adevinta.com (mailto:ir@adevinta.com)  

  

Adevinta Media contacts  

Mélodie Laroche  

Corporate Communications  

+33 6 84 30 52 76  

melodie.laroche@adevinta.com (mailto:melodie.laroche@adevinta.com)  

  

Prosus IR contact  

Eoin Ryan  

Head of Investor Relations  

Eoin.Ryan@naspers.com (mailto:Eoin.Ryan@naspers.com)  

  

OLX Group / Prosus Media contact  

Ana Garcia  

Head of Communications OLX Group  

Ana@olxgroup.com  

  

This information is subject to the disclosure requirements pursuant to Section  

5-12 the Norwegian Securities Trading Act