Prosus is entering a joint venture in Grupo ZAP, owner of various sites and databases for the real estate market. OLX Brazil, in which the tech investor has a 50 percent interest, buys the company for 2.9 billion Brazilian real, equivalent to 57.5 million euros.
In addition to Prosus, technology investor Adevinta also has an interest in the online marketplace OLX Brazil. Grupo ZAP is, according to the two parties, a good addition to that joint venture, because both companies want to facilitate buying, renting and selling properties via the digital route.
The acquisition still has to be approved by the Brazilian competition authority. The deal is expected to be completed in the second half of 2020.