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 $150 million investment round, led by OLX Group along with existing EMPG shareholders, which values EMPG at $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 percent of the company.
EMPG will use the new capital to develop a range of new services, creating a more seamless user experience, enhancing data transparency, and deepening market intelligence for both consumers and business users. In Egypt and Lebanon, EMPG will operate the existing OLX platforms, rolling out new services for the real estate community, as well as offering consumers a superior experience across all categories.
"EMPG has grown at a tremendous pace since its inception," said CEO Imran Ali Khan. "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."-PR
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