Online marketplace OLX will buy French motors classified platform La Centrale for 1.1 billion euros ($1.3 billion), its owner Prosus said on Friday.
Amsterdam-headquartered Prosus, which is majority-owned by South Africa’s Naspers and focused on food and lifestyle-ecommerce, reported in August a 54 per cent jump in its ecommerce adjusted core earnings.
On Friday it said that buying La Centrale would help it enter the European autos market and strengthen its ecommerce presence in the continent complementing the planned acquisition of meal delivery company Just Eat Takeaway.
“I expect to invest more in AI technology in France,” Prosus CEO Fabricio Bloisi said in a statement.
Prosus expects the deal to close by year-end.
($1 = 0.8563 euros)
