CarTrade Tech Ltd. has announced its acquisition of Sobek Auto India Pvt., the entity that encompasses OLX India’s auto sales division, in a deal worth Rs 537 crore. The acquisition aims to generate synergistic benefits for CarTrade Tech’s existing businesses, as stated in an exchange filing on Monday.
CarTrade Pure Cash Deal Expected to Close in 30 Days
CarTrade Tech will acquire 100% of Sobek’s shares through a pure cash transaction. The deal is anticipated to be finalized within a span of 30 days.
OLX India’s Strategic Decision to Exit Autos Business
OLX India Pvt., which is owned by Prosus, had made the strategic decision to exit the OLX Autos business in multiple countries earlier this year. In line with this decision, OLX India sold its classifieds internet business to Sobek on June 30. OLX had also ceased operations in Argentina, Mexico, and Colombia, resulting in the global layoff of 800 employees. No response was received from CarTrade and OLX India regarding additional queries at the time of publishing.
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