OLX, part of Naspers
About the Client
Launched in 1992, AutoTrader SA is the country’s largest automotive classifieds business with the most instantly recognisable brand in the market. The company was sold by Manchester-based AutoTrader Group plc in 2013, following which it significantly accelerated the transition of its used car business from a predominantly print publication to a dedicated digital platform. The business is deeply embedded with both users and the dealer network; listing more vehicles and attracting more high quality visitors to its sites than any other platform in South Africa.
About the deal
GP Bullhound acted as exclusive financial adviser to AutoTrader South Africa (“AutoTrader SA”) on its sale to OLX, a subsidiary of Naspers, the global internet and entertainment group and one of the largest technology investors in the world.
This represents GP Bullhound’s 19th transaction in 2017 and further demonstrates the firm’s global footprint and continued work with category leading businesses in the online marketplace and ecommerce sectors, following on from other significant transactions including the sale of Anumex to Schibsted and fundraisings for Avito, Zuto and Delivery Hero.
George Mienie, CEO of AutoTrader South Africa commented: “We are excited to work with OLX and the wider Naspers Group in order to significantly improve our customers’ experience through investment in product innovation and technology. GP Bullhound’s expertise in designing and executing an efficient and targeted sale process was instrumental in bringing this transaction to swift and successful close.”
Nick Horrocks, Director at GP Bullhound commented: “AutoTrader South Africa has successfully demonstrated its shift from a predominantly print publication to a digital and technologically innovative marketplace business. Under the OLX / Naspers umbrella, the company is very well positioned to continue to disrupt the South African classifieds market through continued innovation and product development.”