Business
TBC PLC Acquires Majority Stake in OLX Uzbekistan
TBC Bank Group PLC announced the acquisition of a majority stake in OLX Uzbekistan, a leading online classifieds platform, from OLX Group. The joint venture with Titan Investments will result in TBC Bank Group owning 50% + 1 share of OLX Uzbekistan, with the remaining stake held by Titan Investments. OLX Uzbekistan boasts 5.4 million monthly active users and 2.2 million active listings, representing over 20% of Uzbekistan's active internet users. This acquisition is part of TBC Bank Group's strategy to expand its digital banking ecosystem in Uzbekistan, which currently has 21 million unique registered users. The deal is subject to regulatory approvals and follows a similar acquisition of a majority stake in BILLZ, a retail management SaaS platform, in June. Disclaimer*
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n\nTBC Bank Group Acquires Majority Stake in OLX Uzbekistan, Expanding Its Market-Leading Digital Banking Ecosystem in Uzbekistan\nLondon-listed TBC Bank Group (\"TBC PLC\"), which operates the leading financial services group in Georgia and one of the largest digital banking ecosystems in Uzbekistan, announces it has agreed to acquire a majority stake in OLX Uzbekistan (\"OLX UZ\"), a leading online classifieds platform in the country, from OLX Group, classifieds business of Prosus.\nThis deal with Prosus, one of the largest technology investors in the world, will give TBC Uzbekistan access to new customer segments through OLX UZ, Uzbekistan's 6th-most visited website. OLX Uzbekistan has 5.4 million monthly active users and 2.2 million active listings, making it a leading marketplace in services, goods, vehicles and real estate, serving over 20% of the country's active internet users. This deal marks a milestone for Uzbekistan's fast-growing tech sector and stands among the most significant M&A deals in the country in the past 30 years.\nFor the OLX UZ acquisition, TBC Bank Group formed a joint venture (JV) with Titan Investments, an international investment holding company backed by top-tier international institutional investors, family offices and sovereign wealth funds from the Middle East. The JV acquires 100% of OLX Uzbekistan, with TBC Bank Group owning 50% + 1 share and Titan Investments owning the remaining stake in the JV. The deal is subject to standard regulatory approvals. TBC Bank Group plans to consolidate OLX Uzbekistan, already growing profitably, into TBC Uzbekistan ecosystem.\nOLX Uzbekistan will continue to operate under its established brand.\nThe JV between TBC PLC and Titan Investments brings a unique combination of expertise and successful track records of building and growing digital banking businesses and classifieds. Titan Investments team brings deep expertise in investing in and scaling high-growth digital companies, including online classifieds platforms. The joint venture will allow the Group to leverage Titan's expertise while TBC Uzbekistan will focus on integrating digital banking products into OLX Uzbekistan and developing new products together with OLX UZ.\nThis acquisition is set to unlock additional synergies for TBC Uzbekistan, Central Asia's leading digital banking ecosystem reaching ...