Online auto platform CarTrade Tech on July 12 said it has inked the agreements to acquire the operations of classified space brand OLX in India from OLX India BV (OIBV) for Rs 537 crore.
The announcement came two days after CarTrade Tech informed the bourses that it has entered into a share purchase agreement with Sobek Auto India and its holding company OIBV for the acquisition of a 100 percent stake.
"The deal includes acquisition of 100 percent stake of Sobek Auto India, consisting of the OLX Autos transaction businesses and the OLX classifieds platform for a cash consideration of Rs 537.43 crore," the company said in a release issued today.
The acquisition is expected to be completed within the next few weeks, it added.
Following the announcement, the shares of CarTrade Tech edged lower on the stock market. The scrip declined by around thee percent at the NSE, and was trading at Rs 537.45 at 3:10 pm.
“In India, OLX is one of the strongest brands in the online classified space with more than 35 million average monthly unique visitors, approximately 30,000 dealers and 30+ million listings in a year. We are really excited to acquire such a strong business built by a talented team and with cutting-edge technology," CarTrade Tech chairman Vinay Sanghi said.
CarTrade Tech said the acquisition is in furtherance of the strategic objectives of the company to undertake investments that provide synergistic benefits to its existing businesses.
Sobek, which is in the business of running an automotive digital platform and a classifieds internet business, had recently acquired the classifieds internet business from OLX India under a business transfer agreement.
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