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EMPG, the parent company of Pakistan’s largest real estate portal
Zameen
and one of the leading digital classifieds groups in the MENA, South
Asia and Southeast Asia regions, has announced its acquisition of
Lamudi
Global, which has businesses in Philippines, Indonesia and Mexico.
The group said the acquisition had taken place before its merger with
OLX Group’s businesses in MENA and South Asia that raised EMPG’s
valuation to $1 billion, which was announced last week.EMPG had also
acquired Thailand’s top marketplace Kaidee in February, which – along
with the Lamudi Global transaction – marks a strong push into Southeast
Asia for the group.
EMPG owns and operates Bayut in the UAE, Saudi Arabia and Jordan,
Zameenin Pakistan, Bproperty.com in Bangladesh, and Mubawab in Morocco
and Tunisia, alongside Kaidee.It now also owns and operates Dubizzle in
the UAE, OLX Pakistan, OLX Egypt and OLX Lebanon, in addition to several
other OLX platforms in the GCC.
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Lamudi was founded in 2013 as an online property platform focused on
emerging markets. Lamudi is currently a well-recognized brand and a
well-established player in Philippines, Indonesia and Mexico. EMPG had
already acquired Lamudi’s Middle East, Pakistan and Bangladesh
businesses last year.
The combined total of real estate transactions in the Philippines,
Indonesia and Mexico is estimated to be US $55.1 billion per year, with
a potential commission pool of over US $2.3 billion for real estate
professionals. The combined population of the three countries is just
shy of half a billion people.
EMPG CEO Imran Ali Khan said, “We welcome the LamudiGlobal teams to the
EMPG family. They bring with them a lot of experience and domain
knowledge, and we value the people who have been with the business since
the beginning. We look forward to working with the team to continue
growing the business, and EMPG will provide strategic, technological and
financial support as needed.”
He added that the acquisition also signalled EMPG’s intent to focus on
Southeast Asia in addition to its core regions.
“Our aim is to build a strong presence in the region with these
acquisitions. Southeast Asia is a bustling, happening market with
tremendous potential, and we look forward to providing the best
experience to both professionals and consumers,” said Khan.
Kian Moini, CEO of Lamudi, said EMPG’s expansion into the region would
raise the bar for onlinemarketplaces.
“EMPG has built highly successful businesses in all of its geographies,
and the group’s strategic depth and advanced tech are two major assets
Lamudi looks forward to as we begin this next phase of our journey,” he
said.
The transaction value was not disclosed.
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