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Home Business EMPG, OLX for merger of MENA, South Asia businesses Agreement includes a $150m investment round

EMPG, OLX for merger of MENA, South Asia businesses Agreement includes a $150m investment round

by News desk
May 1, 2020
in Business

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Staff Reporter

Islamabad

Emerging Markets Property Group (EMPG), a leading property portal group in emerging markets, and OLX Group, Prosus’s global classifieds business, have announced their merger in Pakistan, Egypt, Lebanon and the UAE.
The agreement includes a US $150 million investment round, led by OLX Group along with existing EMPG shareholders, which values EMPG at US $1 billion after the transaction. As part of the deal, OLX Group will contribute its operations in the four countries into EMPG and will become EMPG’s largest single shareholder, owning 39% of the company.