TBC Bank JV to buy majority stake in OLX Uzbekistan
TBC Bank Group Plc said on Thursday that it has agreed to buy a majority stake in OLX, an online classifieds platform in Uzbekistan, from OLX Group, a classifieds business of Prosus.
For the acquisition, TBC formed a joint venture with international investment holding company Titan Investments.
OLX Uzbekistan has 5.4 million monthly active users and 2.2m active listings, making it a leading marketplace in services, goods, vehicles and real estate, serving over 20% of the country's active internet users, TBC said.
"This deal marks a milestone for Uzbekistan's fast-growing tech sector and stands among the most significant M&A deals in the country in the past 30 years," the company added.
TBC did not disclose any financial details.
Nika Kurdiani, chief executive of TBC Uzbekistan, said: "The acquisition of the country's leading classifieds platform OLX Uzbekistan is the next logical step in our expansion and diversification strategy, as we add new customers, continue to move into new segments and increase our share of customer attention.
"This acquisition is set to unlock powerful synergies between our platforms, accelerating our ability to deliver best-in-class digital banking products for existing and new customers. We are proud to partner with Titan Investments for this deal, who are bringing their successful track record of scaling classifieds into the mix. We're delighted to be able to leverage the OLX potential and accelerate its growth and aim to fully consolidate this platform into the TBC Uzbekistan ecosystem in the longer term."
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