OLX-backed letgo and OfferUp to combine US classifieds businesses.

OLX Group-backed letgo and OfferUp, two classifieds business services providers, are set to merge their US classifieds businesses. Financial terms were not disclosed. The deal is subject to regulatory approval. The combined businesses will be operated by OfferUp. OLX Group will own 40% of the combined entity. "letgo and OfferUp have always shared the same core vision for how large America's secondhand economy can become – harnessing tech innovation to bring about an extraordinarily positive impact on consumers' wallets and also on the environment. Bringing our apps together moves us much closer to that vision," Alec Oxenford, letgo Co-Founder.