Naspers completes Dubizzle takeover through OLX Group

Dubizzle has been fully acquired by Naspers through its subsidiary OLX Group for $190 million (Dh698m).

Previously unreported, the acquisition of the remaining 49 per cent of the UAE classifieds website was disclosed in Naspers’ report to shareholders last June. The South African company had held a 51 per cent controlling stake since 2013.

According to a Dubizzle spokesman, the company is run independently by the management team in Dubai and the acquisition had no affect on its day to day operations.

The acquisition is in trend with the growing appetite from international investors for later stage investment deals in

Dubizzle was founded in Dubai in 2005 and allows users to advertise household items, property and jobs

the Mena region, according to start-up community platform Magnitt, which identified the UAE as the most active country in the region for venture capital funding in 2018.

Philip Bahoshy, chief executive and founder of Magnitt, said he “expects this trend to continue into 2019 as startups scale to get closer to exits”.

Dubizzle was founded in Dubai in 2005 and allows users to advertise household items, property and job opportunities. Eight years after launching, co-founders JC Butler and Sim Whatley sold a majority stake to Naspers for $120m and stepped down from running daily operations.

Since then, Dubizzle has acquired UAE start-ups Expat Wheels, Masterkey, Airlist and Wecashanycar and expanded in eight Mena countries.