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BRIEF-Frontier Digital Ventures Announces Business Combination Between Encuentra24 And OLX

Published 09/07/2020, 11:13 am
Updated 09/07/2020, 11:18 am
© Reuters.
FDV
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July 9 (Reuters) - Frontier Digital Ventures Ltd FDV.AX :

* BUSINESS COMBINATION BETWEEN ENCUENTRA24 AND OLX GROUP'S ONLINE CLASSIFIEDS PLATFORMS IN CENTRAL AMERICA

* OLX WILL ACQUIRE A 37.5% STAKE IN ENCUENTRA24

* EXISTING SHAREHOLDERS WILL RETAIN 62.5% OF COMBINED BUSINESS

* ENCUENTRA24 AND OLX GROUP'S CENTRAL AMERICAN ONLINE CLASSIFIEDS PLATFORMS WILL COMBINE UNDER ENCUENTRA24 BRAND

* OLX WILL CONTRIBUTE BUSINESS ASSETS IN 4 COUNTRIES & ADDITIONAL US$1 MILLION OF CASH TO BECOME 37.5% SHAREHOLDER OF ENCUENTRA24

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