SEEK takes 25% stake in SA online property site
SEEK, a listed provider of online employment services in Australia and New Zealand has invested US$20 million (R205 million) for a 25% stake in One Africa Media (OAM), the holding group behind PrivateProperty.co.za.
One Africa Media calims to be Africa’s largest online classifieds group by traffic, page views, ad volume and revenue. It owns, operates and invests in a portfolio of market leading online marketplaces in the segments of employment, autos, property and travel throughout Africa.
Seek said the investment has been funded via its cash reserves. Post-investment, SEEK’s net debt balance is A$260 million (R2.45 billion), it said.
According to SEEK, OAM will utilise the majority of the investment to fund further growth in its portfolio and will continue to re-invest to capture the large market opportunities across Africa. Post-transaction, OAM will have a cash balance of US$22 million.
Jason Lenga, MD of SEEK International said: “Africa presents a strategic opportunity to benefit from the significant long-term growth opportunities for online classifieds businesses. Internet and mobile penetration are growing rapidly and key economies within the region are experiencing substantial increases in GDP.”
“This investment is in early stage, market leading businesses that position One Africa Media to benefit from both the economic and structural growth in the region.”
“We are pleased to be once again partnering with Tiger Global, as well as Carey Eaton (former CIO of SEEK) who is a co-founder of OAM. Carey lives in Kenya and is leading
OAM’s efforts in Kenya and Nigeria,” Lenga said.
Safarinow.com, South Africa’s leading travel and accommodation booking website also sits in its portfolio.
Additional sites include:
- Jobs: Jobberman (Nigeria) & Brighter Monday (Kenya)
- Cars: Cheki (Kenya, Nigeria)
- Real Estate: Private Property (South Africa, Nigeria)
OAM employs over 350 people throughout Africa and has offices in Durban, Cape Town, Nairobi and Lagos.
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