Announced
Completed
Financials
Sources
Tags
United States
Acquisition
online classifieds platforms
Majority
classifieds platforms
Single Bidder
Private
Merger
mobile classifieds
Friendly
Software
Completed
mobile application
Online and Social Platforms
Synopsis
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.
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