Naspers com­pletes Du­biz­zle takeover through OLX Group

The National - News - - BUSINESS - KELSEY WARNER

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.

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