Emerging Markets Property Group (EMPG) and OLX Group have announced a merger of their businesses across the UAE, Pakistan, Egypt, and Lebanon. After merger, OLX group with 39 percent stake will become the largest share holder in EPMG.
EPMG’s brand Zamee.com will continue to exist as a separate entity. ” The agreement includes a $150 million investment round, led by OLX Group (olx.com) along with existing EMPG shareholders, which values EMPG at $1 billion after the transaction,” reported Khaleej Times. “OLX Group will contribute its operations in the four countries into EMPG.”
Ali Imran Khan, CEO EPMG, said this deal would help both companies to explore billion plus market. Martin Scheepbouwer, CEO of OLX Group, said”the next phase is an exciting one, with EMPG’s real estate industry expertise helping deepen the customer experience.”
EPMG operates in Gulf Countries, Pakistan, Bangladesh, Tunisia, Morocco and Thailand with different brand names. In the Gulf countries EMPG product is known as Bayut. After this deal, EPMG will expand to Egypt and Lebnon. EMPG will also operate OLX’s platforms in Pakistan, Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman, and in the UAE.
The aggregated value of properties sold in these markets is estimated at $90 billion, providing a commission pool for real estate agencies of over $2 billion per annum.