Emerging Markets Property Group (EMPG) — the parent group of Zameen.com with operations in GCC, Pakistan, Thailand, Bangladesh, Morocco and Tunisia, and OLX Group, Prosus’s global classifieds business, have announced their merger in Pakistan, Egypt, Lebanon, and the UAE.
The deal includes a US $150 million investment round, led by OLX Group along with existing EMPG shareholders, which values EMPG at the US $1 billion after the transaction. As part of the agreement, 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.
Martin Scheepbouwer, CEO of OLX Group, says
“I’m proud of what we have built-in these four markets. Our brands are household names, and currently, help tens of millions of people to exchange goods and services every month. The next phase is an exciting one, with EMPG’s real estate industry expertise helping deepen the customer experience. As EMPG’s largest shareholder, we’ll have a front seat to explore how we can scale their services model further – taking our ambition to shape the future of classifieds into its next stage.”
EMPG Co-Founder and Zameen.com CEO Zeeshan Ali Khan said:
“EMPG has grown by leaps and bounds since its founding, and Zameen has been a pivotal part of this journey. Reaching unicorn status is another great milestone, and it is a testament to the treasure trove of opportunities that the Pakistani tech ecosystem and the country’s real estate industry have to offer. I am happy to see the increasing global interest in Pakistan, and with the wealth of talent here, I am sure many more success stories await.
“I would like to welcome OLX Pakistan and Dubizzle to the EMPG family. Digital infrastructure has become a necessity of life and now is the time for this industry to truly claim its place in the economy, and I hope to see that happening in Pakistan’s online sector more than ever before.”
EMPG is currently present in the GCC region with Bayut, Pakistan with Zameen, Bangladesh with Bproperty, Morocco, and Tunisia with Mubawab, and Thailand with Kaidee.