Zameen’s parent company, Emerging Markets Property Group (EMPG), and OLX Group (Prosus global) have announced a merger in four countries: Pakistan, Egypt, Lebanon and the UAE. The amalgamation agreement includes a $150 million investment led by OLX Group, with participation from existing EMPG shareholders. According to the deal, OLX Group will become the leading property portal group’s largest single shareholder, owning 39% of the company, and will be contributing to EMPG’s operations in the four countries.
Post this transaction, EMPG values at $1 billion. With this expansion, EMPG plans to develop a myriad of new services that will generate a more seamless user experience, enhance data transparency, and deepen market intelligence for both consumers and business users. EMPG will be operating via the existing OLX platforms in Egypt and Lebanon. Whereas in Pakistan and the UAE, both groups’ platforms will be operated by EMPG through their well-known local brands.
The aggregated value of properties sold in these markets is estimated at $90 billion, providing a commission pool for real estate agencies of over $2 billion per annum.
“EMPG has grown at a tremendous pace since its inception, and Zameen has been a pivotal part of this journey.” said CEO Imran Ali Khan. EMPG is currently present in the GCC region with Bayut, Pakistan with Zameen, Bangladesh with Bproperty, Morocco and Tunisia with Mubawab, and Thailand with Kaidee. Imran Ali Khan further stated, “Our unique ability to scale using our proprietary tech has aided and enabled this expansion. This deal puts us one step further in our journey towards providing solutions in multiple markets to over a billion consumers around the world, expanding our classifieds offering significantly."
EMPG’s Co-Founder and Zameen.com’s CEO Zeeshan Ali Khan, while embracing this merger expressed, “I would like to welcome OLX Pakistan and Dubizzle to the EMPG family. Digital infrastructure has become a necessity of life. Now is the time for this industry to truly claim its place in the economy, and I hope to see that happening in Pakistan's online sector more than ever before. Moreover, I am happy to see the increasing global interest in Pakistan, and with the wealth of talent here, I am sure many more success stories await."
Martin Scheepbouwer, CEO of OLX Group, was ecstatic and also shared his thoughts, “I'm proud of what we have built in these four markets. Our brands are household names, and currently help millions of people to exchange goods and services every month. The next phase is an exciting one, with EMPG’s real estate industry expertise helping deepen the customer experience. As EMPG’s largest shareholder, we'll have a front seat to explore how we can scale their services model further - taking our ambition to shape the future of classifieds into its next stage."
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ