Prosus Exploring All Options for OLX Autos Business, Including Exit
March 02 2023 - 12:48AM
Dow Jones News
By Joe Hoppe
Prosus NV said Thursday that it is exploring all options for its
OLX Autos unit after a significant slowdown in the second-hand car
market, as exiting the business will significant improve the
classified segment's profitability.
The Dutch investment group focused on consumer internet
companies said that the core classifieds business of OLX Group is
delivering a strong performance with sustained growth and improving
profitability, and is well placed for further expansion.
However, the OLX Autos business has been affected by
macroeconomic and market challenges, including higher cost of
capital, high inflation and reversing Covid-19 pandemic-driven
trends.
Prosus said OLX Autos "is no longer the right approach for [the
company] and its shareholders," and will explore all options for
the business.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
March 02, 2023 01:33 ET (06:33 GMT)
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