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Adevinta — M&A Activity 2020
Oct 30, 2020
3520_iss_2020-10-30_b34edea8-19b2-4dc6-9b4c-224fda44fd8a.html
M&A Activity
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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
[email protected] (mailto:[email protected])
Adevinta Media contacts
Mélodie Laroche
Corporate Communications
+33 6 84 30 52 76
[email protected] (mailto:[email protected])
Prosus IR contact
Eoin Ryan
Head of Investor Relations
[email protected] (mailto:[email protected])
OLX Group / Prosus Media contact
Ana Garcia
Head of Communications OLX Group
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act