CarTrade Tech Limited (the “Company”) informed the exchange that it had completed the acquisition of 100% stake of Sobek Auto India Private Limited (“Sobek”) from its holding company OLX India B.V.
As part of the deal, the Company has acquired 100% of Sobek, which is engaged in the business of automotive digital platform and classifieds internet business. Sobek shall now be considered as CarTrade’s wholly owned subsidiary . The acquisition will allow Car Trade leverage synergies to further their business.
The acquisition was completed for a cash consideration of INR 535 Crore which was paid for the acquisition of 75,09,847 (Seventy Five Lakhs Nine Thousand Eight Hundred and Forty Seven) equity shares.
Sobek is a Company incorporated under the Companies Act, 2013. It consists of the OLX Autos transaction businesses and the OLX classifieds platform (auto and non-auto). OLX Autos transacted the sale and purchase of 50,000 cars last year.
On June 30, 2023, Sobek has acquired the classifieds internet business from OLX India Private Limited on the terms and conditions agreed under a business transfer agreement. As part of the acquisition of Sobek, Sobek has entered into an Intellectual Property License Agreement and a Transitional Support Agreement for the use of certain brands and technology.