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LONDON - TBC Bank Group PLC has agreed to acquire a majority stake in OLX Uzbekistan, a leading online classifieds platform, from OLX Group, a classifieds business of Prosus (OTC:PROSF), according to a press release issued Thursday.
The London-listed financial services group has formed a joint venture with Titan Investments for the acquisition, with TBC owning 50% plus one share of the venture. The joint venture will acquire 100% of OLX Uzbekistan, with Titan Investments holding the remaining stake.
OLX Uzbekistan is the country’s sixth-most visited website with 5.4 million monthly active users and 2.2 million active listings. The platform serves over 20% of Uzbekistan’s active internet users as a marketplace for services, goods, vehicles, and real estate.
The acquisition is subject to standard regulatory approvals. TBC Bank Group plans to consolidate OLX Uzbekistan into its Uzbekistan ecosystem while maintaining the OLX brand.
"Our ecosystem counts 21 million unique registered users, reaching over half of Uzbekistan’s population," said Nika Kurdiani, CEO of TBC Uzbekistan. "The acquisition of the country’s leading classifieds platform OLX Uzbekistan is the next logical step in our expansion and diversification strategy."
This acquisition follows TBC Bank Group’s agreement in June to acquire a majority stake in BILLZ, a retail management SaaS platform, as part of its growth strategy in Uzbekistan.
TBC Uzbekistan operates as a digital banking ecosystem that includes TBC Bank Uzbekistan, Payme payments app, Payme Nasiya instalment credit business, and TBC Insurance.
TBC Digital holding company, which manages the TBC Uzbekistan business, is 80% owned by TBC Bank Group, with EBRD and IFC each holding 10%. TBC Capital acted as the sole M&A advisor to TBC Bank Group on this transaction.
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