Beeline Kazakhstan (VEON's Kazakh subsidiary) has acquired 100% of the shares of the OLX Kazakhstan classifieds platform from OLX Group for $75 million.
According to the company, OLX Kazakhstan is one of the most popular digital platforms in the country. As of mid-2019, the site had a monthly audience of 10 million active users and 3.6 million ads on the platform. In total, 52% of the country's Internet users used OLX.
Kaan Terzioglu, CEO of VEON Group, said that this acquisition will allow the company to further expand the portfolio of digital services it offers to customers. Yevgeny Nastradin, CEO of Beeline Kazakhstan, said that the integration of OLX into the ecosystem will create "great synergy potential" and that the platform will offer users a "broader and more integrated package of digital services."
Christian Gyzi, CEO of OLX Group, noted that the agreement is consistent with the company's strategy of focusing on key markets and priority categories.
The transaction is subject to regulatory approval and customary closing procedures for completion.
