Photo: olxgroup.com
Georgian financial services operator TBC Bank Group has acquired a controlling stake in the company managing Uzbekistan’s most popular online classifieds platform, OLX.uz, the bank’s press service announced.
The seller was OLX Group, part of the investment group Prosus. According to the bank, the deal will give TBC’s Uzbek subsidiary access to new customer segments.
OLX.uz is the sixth most visited website in Uzbekistan, with 5.4 million active monthly users and 2.2 million current listings. The platform is the country’s leading marketplace for services, goods, cars, and real estate, covering more than 20 percent of the national online audience.
“The transaction marks a milestone for Uzbekistan’s fast-growing technology sector and is among the largest mergers and acquisitions in the past 30 years,” TBC said in a statement.
To acquire the classifieds platform, TBC created a joint venture with Titan Investments, an international investment holding with extensive experience working with investors, including Middle Eastern sovereign funds.
Under the agreement, TBC Bank Group will hold 50 percent plus one share in OLX, while Titan Investments will own the remainder. The deal will be finalized once regulatory approval is granted. OLX will continue operating under its brand.
“Our ecosystem unites 21 million unique users—more than half of Uzbekistan’s population. We continue to grow dynamically, helping clients solve financial and everyday tasks through a single convenient interface. The acquisition of OLX Uzbekistan, the country’s leading classifieds platform, is a logical step in our expansion and diversification strategy: we are attracting new customers, entering additional segments, and increasing audience engagement,” said Nika Kurdiani, head of TBC Uzbekistan.
TBC Uzbekistan is managed by TBC Digital, which is owned by TBC Bank Group (80%), the European Bank for Reconstruction and Development (10%), and the International Finance Corporation (10%).
