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OLX confirms Astra’s plan to acquire its Indonesian web platform
The acquisition of OLX Autos will give Astra International a stronger position in the secondhand market.
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Workers check used cars at a marketplace in Bekasi, West Java, in 2017. (via kompas.com/Mobil88)
D
utch online marketplace company OLX says publicly listed conglomerate Astra International will take control of online classified ads website OLX Indonesia.
The upcoming acquisition is to be conducted through Astra Digital Mobil, the diversified conglomerate’s subsidiary dealing with used automobiles through digital platforms.
“PT Astra Digital Mobil, a member of Astra Group, plans to acquire a 99.98 percent stake in PT TokoBagus,” OLX Group public relations, communications and content manager Nungkhi Sari told The Jakarta Post on Monday.
PT TokoBagus is the company behind OLX’s entity in Indonesia.
Read also: Grab to buy Singapore's taxi company Trans-Cab
The negotiations between Astra Digital and OLX have been ongoing on for several months. Neither Astra or OLX have provided further details regarding the deal.
In a written statement on Friday, TokoBagus’ board of directors announced a change to the firm’s shareholders, with Astra Digital Mobil as the new controlling shareholder, Bisnis.com reported.
