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Global marketplace operator OXL Group has acquired motor classifieds platform La Centrale from Providence Equity Partners in an all-cash deal worth €1.1 billion.
La Centrale connects more than 10,000 car buyers, sellers and automotive professionals through AI technology and data-driven solutions and services including price optimisation, sourcing and inventory management.
Wholly owned by tech investor Prosus, OLX operates a variety of online marketplaces for cars, household goods, jobs, and property, with 29 million monthly users in eight countries, primarily in Central and Eastern Europe.
The company, wholly owned by Prosus, said the deal aims to further its ambition to build a European e-commerce ecosystem and grow profitable markets in the region using innovative AI tools.
In particular, the deal enables OLX to enter the French automotive market, providing an immediate leadership position in one of Western Europe’s largest used car markets, while further consolidating its presence across Eastern Europe.
Deal closing is expected by the end of the year, subject to an employee consultation process.
Christian Gisy, chief executive of OLX, said the acquisition represents a natural fit with the firm’s motor classifieds portfolio.
Fabricio Bloisi, chief executive of Prosus, added: “La Centrale will expand our footprint into one of Europe’s most dynamic technology markets and unlock new opportunities to innovate, scale, and deliver even greater value to consumers and partners through AI.”
Prosus and OLX were advised by BofA Securities and A&O Shearman.
Providence was advised by Goldman Sachs and Kirkland & Ellis.
