UAE – Mubasher: Emerging Markets Property Group (EMPG), a top-notch property portal group in emerging markets, and OLX Group, a subsidiary of Prosus, announced their merger in the UAE, Egypt, Lebanon, and Pakistan.
The deal involves a $150 million investment round, headed by OLX Group as well as the current shareholders of EMPG, according to a statement on Tuesday.
Following the transaction, EMGP has been valued at $1 billion.
“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% of the company.”
It is noteworthy to mention that the combined value of properties sold in the four markets is valued at $90 billion. This means that real estate agencies have a commission pool of more than $2 billion annually.
