Online ad firm OLX Brazil in $642 million deal to buy competitor
OSLO (Reuters) – Online marketplace OLX Brazil has agreed to buy competitor Grupo ZAP for 2.9 billion reais ($642 million), forming a leading Brazilian player in digital real estate advertising, OLX and its European owners said.
By combining their operations, rapidly growing OLX and ZAP can slash costs and boost earnings margins while providing a broader range of services to the online real estate market, they added late on Tuesday.
By Terje Solsvik via Reuters