Naspers, one of the world's largest technology investors, has revealed that it has acquired the share capital held by non-controlling shareholders of Dubizzle (46.4%) for $190 million.
Following the acquisition that was executed in April 2018 by Naspers’ subsidiary, OLX Group, the company currently holds a 100% effective interest in Dubizzle, said Naspers in its interim report.
In July 2013, Naspers increased its total interest in Dubizzle to 53.6% by acquiring an additional 28.6% of the company.
The fair value of the total purchase consideration was $13.34 million, consisting of $6.78 million in cash for the additional interest and $6.56 million being the acquisition date fair value of the existing interest held in Dubizzle.
According to the recent deal, Dubizzle is currently valued near to $410 million.
Founded in 2005 by J.C. Butler and Sim Whatley, Dubizzle became part of Naspers in 2013. Today it receives over 17 million visits per month.
The company is a leading online classifieds and community portal in the UAE, allowing buyers to search and connect with sellers, with a wide range of listings from jobs and residential property to cars.
Dubizzle is part of the OLX group, which operates within the UAE and North Africa. With more than 330 million monthly users worldwide, the OLX Group allows customers to buy and sell almost anything through consumer brands including Avito, Dubizzle, letgo and OLX.