Verny Capital Group has announced the completion of its acquisition of 100% of OLX Kazakhstan (OLX KZ), the country's online classifieds business, from OLX Group. The purchase was carried out through its portfolio company Beeline Kazakhstan after all regulatory approvals were obtained, and was valued at $81 million, infohub.kz reports.
OLX Kazakhstan is one of the country's most popular digital platforms, reaching more than 52% of the active internet audience and counting around 9 million monthly active users. The platform offers extensive listing opportunities across a wide range of categories, including goods and services, jobs, cars and real estate.
The deal is said to align with the group's strategy of expanding its investment portfolio and will strengthen its presence in the digital services segment, which is focused on creating long-term value and improving the quality of digital solutions on the Kazakh market.
"For us, this is not just a portfolio expansion but an investment in the infrastructure of everyday digital services. Classifieds platforms play an important role in the economy, connecting users, small businesses and local markets. Our task is to scale this asset while preserving its strengths and reinforcing its technology component," said Bulat Utemuratov, investor at Verny Capital Group.
As a result of the integration, Beeline Kazakhstan will be able to offer users a broader and more interconnected set of digital solutions in line with the modern digital operator model.
"This acquisition marks another important step in implementing the digital operator strategy that defines VEON's transformation," said Kaan Terzioglu, Chief Executive Officer of VEON. "In every market where we operate, we are building digital ecosystems that give millions of people access to financial, healthcare, education and entertainment digital services. The acquisition of OLX KZ will complement our portfolio with Kazakhstan's leading online classifieds platform."