Dubizzle, UAE-based online classifieds websites just got acquired by Naspers, a South Africa-based investor, through its subsidiary OLX Group.
The company dubizzle was founded in Dubai, back in 2005, where it allows users to advertise their products and services. It currently operates in eight countries in the MENA region, including Egypt, Saudi Arabia, and Lebano.
According to the interim shareholder’s report, Naspers acquired the remaining 49% stake for $190 million back in April 2018. It’s worth mentioning that the investor already had a 51% controlling stake in dubizzle which they acquired in 2013.
The acquisition makes dubizzle’s value reach up to $400 million. According to Wamda, if the Valuation was driven by revenues, the company’s turnover is likely to stand at about $40 million a year.
General Manager at dubizzle UAE Barry judge comments on the acquisition saying: “This step is a testament to the amazing decade dubbizle had in this region. The co-founders also felt that dubizzle is in good hands to move forward to continue its development under OLX Group.”
For more information, read here.
