OLX Group, an online classifieds business wholly-owned by Prosus, has announced an agreement to acquire La Centrale, a French autos classifieds platform, from Providence Equity Partners for €1.1 billion (R22.4 billion).
The transaction is expected to close by year-end, subject to the customary employee consultation process.
In a statement, Prosus says OLX operates profitable online marketplaces for motors, real estate, jobs and goods across eight countries in Central and Eastern Europe, serving 29 million monthly users.
The deal marks OLX’s first move into Western Europe, tapping into France’s autos market.
By combining two established players, the acquisition strengthens OLX’s European autos portfolio, while bringing in La Centrale’s leadership team to advance Prosus’s broader e-commerce ambitions, according to the statement.
Christian Gisy, CEO of OLX, says: “La Centrale is a natural fit within our classifieds portfolio. Our strategy is to unleash the growth potential of vertical marketplaces, building strong regional leaders by scaling businesses using our proprietary AI technology. La Centrale’s strong market position and talented team are the perfect foundation to deliver our trusted innovative customer-first technology solutions to France.”
Fabricio Bloisi, CEO of Prosus, adds: “La Centrale strengthens our lifestyle e-commerce ecosystem in Europe and highlights our commitment to invest in the people and platforms shaping the future of e-commerce in the region.
“La Centrale will expand our footprint into one of Europe’s most dynamic technology markets and unlock new opportunities to innovate, scale and deliver even greater value to consumers and partners through AI.”
Providence executives Karim Tabet and Robert Sudo say: “Since our investment in 2021, Providence, in partnership with Philippe and his team, successfully transformed La Centrale from a traditional auto classifieds player into a leading data and tech platform for new and used cars in France.
“We believe substantial investments in talent, technology and marketing, together with the dedication of all employees, have been pivotal to the company’s strategic transformation and to La Centrale’s success. We are proud to have supported La Centrale throughout this journey and wish the entire team and OLX continued success in the future.”
La Centrale CEO Philippe Chainieux states: “La Centrale has long been a trusted destination for dealers and consumers in France. We believe that joining forces with OLX and Prosus will allow us to expand that mission, accelerate innovation and deliver even greater value to our customers. We are excited to write the next chapter of growth together.”
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